More Countries Will Adopt Bitcoin as Legal Tender, Says Nayib Bukele

The President of El Salvador, Nayib Bukele tweeted his Bitcoin predictions for 2022. According to him, 2 more countries will adopt the cryptocurrency asset as legal tender this year. Although, the Central American nation accepted BTC as legal tender in the region last year after receiving immense support from its citizens.

In addition to the prediction related to BTC’s adoption, Bukele mentioned that Bitcoin is likely to hit the price level of $100,000 in the coming months. “My 2022 predictions on Bitcoin: It will reach $100k, 2 more countries will adopt it as legal tender, BTC will become a major electoral issue in US elections this year, Bitcoin City will commence construction, and Volcano bonds will be oversubscribed,” he Tweeted.

In December 2021, El Salvador expanded its BTC holdings with the addition of 21 Bitcoin. El Salvador is the world’s only country that is officially holding the digital currency as legal tender. In September 2021, the Central American nation also announced tax exemptions on BTC profits for foreign investors.

A Fresh Start for Bitcoin?

After a volatile 2021 full of record price levels and crypto corrections, BTC has started 2022 with stability. Since 1 January 2022, the price of Bitcoin has been trading in a range between $46,000 and $47,000. Further, the market cap of the digital asset is stabilizing near the $900 billion level.

“Bitcoin’s Network Realized Profit/Loss is a fantastic way to gauge when traders are in pain, and the network is trading a significant gain or loss. Ever since the December 3rd dump, there have been significant dips in and (just) out of the buy zone,” Santiment highlighted.

“And, while Bitcoin has facilitated unparalleled address growth in 2021, pricing volatility continues to play a key role in BTC’s on-chain momentum. Perhaps unsurprisingly, daily network activity was by far the highest in the first 5 months of the year, coinciding with the coin’s historic price rally and rising institutional interest,” the company noted.