The President of Central American country El Salvador has predicted a $100K rise in Bitcoin considering the cryptocurrency’s remarkable performance in recent times. Based on official data, El Salvador’s reserve holds 1,370 BTC as of now.
In addition to the Bitcoin prediction, the Salvadoran President anticipates booming legal adoption of crypto in the coming time. BTC is also expected to emerge as a weighty electoral issue in the upcoming elections in the United States of America.
The President is foreseeing the development of a Bitcoin city, which will be financed with a BTC Bond worth 1 million USD. Planned to be situated on the Gulf of Fonseca, the oceanside Bitcoin city will be constructed this year. The best part is that it will have restaurants, residential complexes, etc., entirely based on crypto.
Adoption Of Bitcoin As Official Tender
Having been a staunch proponent of Bitcoin for a long time, President Nayib Bukele regards cryptocurrency as a sure-shot way to achieve financial liberty. As surprising as it may sound, El Salvador was the first country to adopt Bitcoin as an official tender on September 7 2021.
This decision came about under Nayib’s presidency as a measure to counteract the skyrocketing inflation rates in El Salvador.
The adoption of BTC made cryptocurrency a legal means of exchange in the country.
Despite being Central America’s smallest country, El Salvador has set an excellent example for countries around the world by adopting Bitcoin (BTC) as its legal tender. Above all, Nayib Bukele has also envisioned that Bitcoin will be adopted by at least 2 more countries this year.