El Salvador’s Bukele Predictions for 2022: An Analysis of What Went Wrong

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El Salvador’s president and ardent Bitcoin supporter, Nayib Bukele, made a number of forecasts about how bitcoin and the broader crypto ecosystem would behave over the coming year.

These included the highest price of bitcoin, bitcoin’s impact on American elections, the sale of volcanic bonds, and the development of Bitcoin City.

Nayib Bukele, president of El Salvador, one of Latam’s leading proponents of bitcoin and the driving force behind the introduction of bitcoin as legal tender in his nation, made a number of forecasts regarding the state of the cryptocurrency market and its trends for 2022.

The forecasts covered topics including bitcoin pricing, how bitcoin affects politics, and the evolution of many Bitcoin-related developments peculiar to El Salvador.

The first forecast, which Bukele estimated to be in the neighborhood of $100,000, was made public in a tweet on January 1, 2022.

Bukele’s second forecast predicted that two additional nations would recognize bitcoin as legal cash.

The assertion that bitcoin would “become a big election issue in the U.S.” was another one.

this year’s elections.” This prediction again fell short by a significant margin, even though bitcoin-related issues have been part of the political and regulatory landscape of the U.S. during 2022, particularly with the demise of FTX during these past two months.

The second portion of Bukele’s prophecies focused more on Salvador-specific matters, such as the status of the volcano bonds that the government would issue to finance the development of Bitcoin City and the city’s actual construction.

The fourth forecast made by Bukele was that work would begin last year on the geothermal-powered, bitcoin mining-friendly Bitcoin City.

The last announcement regarding its construction occurred on January 9, 2022, when Bukele stated they were drilling more geothermal wells to secure the energy needed to run the city. However, this as well did not take place.

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