Reviewing El Salvador’s Bukele Predictions for 2022: What Went Wrong?

Nayib Bukele, president of El Salvador and die-hard Bitcoin enthusiast, formulated a bid of predictions astir the behaviour of bitcoin and the crypto ecosystem for the past year. These included the apical terms of bitcoin, the power of the cryptocurrency connected U.S. elections, the issuance of the volcano bonds, and besides the operation of Bitcoin City. However, helium missed the people connected astir of them.

Bukele’s Predictions for 2022

The president of El Salvador, Nayib Bukele, 1 of the biggest promotors of bitcoin successful Latam, and the antheral down the adoption of bitcoin arsenic ineligible tender successful his country, made a bid of predictions astir the cryptocurrency satellite and its movements for 2022. The predictions touched connected issues similar bitcoin pricing, the power of bitcoin connected politics, and besides the improvement of respective El Salvador-specific developments related to Bitcoin.

The archetypal prediction, revealed successful a tweet connected Jan. 1, 2022, had to bash with the terms that bitcoin would reach, calculated by Bukele to beryllium astir $100,000. This did not go true, arsenic the maximum terms that BTC reached was astir $47,500.

The 2nd of Bukele’s predictions stated that 2 much countries would follow bitcoin arsenic ineligible tender. This besides failed to go reality. However, St. Kitts and Nevis did announce it would beryllium exploring the anticipation of making bitcoin currency (BCH) ineligible tender by March 2023, “once the safeguards to our state and our radical are guaranteed,” arsenic Prime Minister Terrance Drew stated connected Nov. 12.

Another prediction was that bitcoin would “become a large electoral contented successful U.S. elections this year.” While bitcoin-related issues person been portion of the governmental and regulatory scenery of the U.S. during 2022, much with the demise of FTX during these past 2 months, this prediction besides missed its people by rather a bit.

El Salvador-Specific Predictions

The 2nd fractional of the predictions made by Bukele had to bash much with Salvador-specific issues, including the presumption of the volcano bonds, which would beryllium issued by the authorities to concern the operation of Bitcoin City, and besides with the operation of the metropolis itself.

The 4th prediction that Bukele stated was that the operation of the Bitcoin City, the geothermal-powered, bitcoin mining-friendly city, would commencement past year. However, this besides failed to happen, with 1 of the past statements related to its operation happening connected Jan. 9, 2022, erstwhile Bukele explained they were drilling much geothermal wells to unafraid the vigor needed to tally the city.

This besides has to bash with his 5th prediction, which explained that the volcano bonds would beryllium oversubscribed. However, the issuance of volcano bonds did not hap successful 2022, with Treasury Minister Alejandro Zelaya blaming the postponements of the issuance connected the Russia-Ukraine conflict and the fall of the cryptocurrency market. In September, Bitfinex CTO Paolo Ardoino besides stated that these bonds would beryllium further delayed due to the fact that the laws supporting the issuance were inactive not ready

Its sixth and last prediction stated a astonishment to beryllium revealed astatine The Bitcoin Conference, which was held successful April successful Miami. However, Bukele was not capable to appear successful the event, arsenic El Salvador faced an onslaught of pack unit that started successful March, with a effect from the authorities qualified arsenic “cruel and inhuman” by the United Nations.

What bash you deliberation astir the predictions of Nayib Bukele, president of El Salvador, for 2022? Tell america successful the comments conception below.

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