What Went Wrong? – News Bitcoin News

Nayib Bukele, president of El Salvador and die-hard Bitcoin fanatic, formulated a sequence of predictions in regards to the conduct of bitcoin and the crypto ecosystem for the previous 12 months. These included the highest value of bitcoin, the affect of the cryptocurrency on U.S. elections, the issuance of the volcano bonds, and in addition the development of Bitcoin City. However, he missed the mark on most of them.

Bukele’s Predictions for 2022

The president of El Salvador, Nayib Bukele, one of many greatest promotors of bitcoin in Latam, and the person behind the adoption of bitcoin as authorized tender in his nation, made a sequence of predictions in regards to the cryptocurrency world and its actions for 2022. The predictions touched on points like bitcoin pricing, the affect of bitcoin on politics, and in addition the event of a number of El Salvador-specific developments associated to Bitcoin.

The first prediction, revealed in a tweet on Jan. 1, 2022, needed to do with the value that bitcoin would attain, calculated by Bukele to be round $100,000. This didn’t turn out to be true, as the utmost value that BTC reached was round $47,500.

The second of Bukele’s predictions acknowledged that two extra international locations would undertake bitcoin as authorized tender. This additionally did not turn out to be actuality. However, St. Kitts and Nevis did announce it will be exploring the potential for making bitcoin money (BCH) authorized tender by March 2023, “as soon as the safeguards to our nation and our individuals are assured,” as Prime Minister Terrance Drew acknowledged on Nov. 12.

Another prediction was that bitcoin would “turn out to be a significant electoral subject in U.S. elections this 12 months.” While bitcoin-related points have been a part of the political and regulatory panorama of the U.S. throughout 2022, extra with the demise of FTX throughout these final two months, this prediction additionally missed its mark by fairly a bit.

El Salvador-Specific Predictions

The second half of the predictions made by Bukele needed to do extra with Salvador-specific points, together with the standing of the volcano bonds, which might be issued by the federal government to finance the development of Bitcoin City, and in addition with the development of the town itself.

The fourth prediction that Bukele acknowledged was that the development of the Bitcoin City, the geothermal-powered, bitcoin mining-friendly metropolis, would begin final 12 months. However, this additionally did not occur, with one of many final statements associated to its development occurring on Jan. 9, 2022, when Bukele explained they have been drilling extra geothermal wells to safe the power wanted to run the town.

This additionally has to do along with his fifth prediction, which defined that the volcano bonds could be oversubscribed. However, the issuance of volcano bonds didn’t happen in 2022, with Treasury Minister Alejandro Zelaya blaming the postponements of the issuance on the Russia-Ukraine conflict and the fall of the cryptocurrency market. In September, Bitfinex CTO Paolo Ardoino additionally stated that these bonds could be additional delayed as a result of the legal guidelines supporting the issuance have been nonetheless not prepared

Its sixth and closing prediction acknowledged a shock to be revealed at The Bitcoin Conference, which was held in April in Miami. However, Bukele was not capable of appear within the occasion, as El Salvador confronted an onslaught of gang violence that began in March, with a response from the federal government qualified as “merciless and inhuman” by the United Nations.

Tags on this story
2022, Bitcoin City, Bitcoin conference, Bitcoin Price, El Salvador, ftx, gang violence, geothermal energy, legal tender, Nayib Bukele, Predictions, preditions, volcano bonds

What do you concentrate on the predictions of Nayib Bukele, president of El Salvador, for 2022? Tell us within the feedback part beneath.

Sergio Goschenko

Sergio is a cryptocurrency journalist primarily based in Venezuela. He describes himself as late to the sport, getting into the cryptosphere when the value rise occurred throughout December 2017. Having a pc engineering background, dwelling in Venezuela, and being impacted by the cryptocurrency increase at a social degree, he gives a unique viewpoint about crypto success and the way it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons


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