After he introduced Bitcoin as the official currency in his country, it has become a frequently spoken name in the world. Each Bitcoin (BTC) Evaluating its fall as a “buying opportunity”, El Salvador expects the price of Bitcoin to rise in 2022.
Nayib Bukele, president of El Salvador, bitcoin priceHe thinks that the company could reach $100,000 by 2022. In addition, he believes that at least two more countries will accept Bitcoin as legal currency.
On the other hand, some analysts expect a downward trend in Bitcoin price to continue. BTC is currently trading around 32% lower than its all-time high.
Analysts Insist on a Drop in Price
Bitcoin price has dropped over 32% from its November high and analysts predict the downtrend will continue. American billionaire Thomas Petterfry believes it is prudent to own 2% to 3% of personal wealth in cryptocurrencies.
El Salvador’s president, Nayib Bukele, tweeted earlier today that he believes the Bitcoin price could reach $100,000 by 2022. This fueled a bullish narrative for the Bitcoin price.
Bukele also believes that it is likely that the two major countries will accept Bitcoin as legal tender. The asset is on its way to becoming a major electoral issue in the US elections.
The president thinks there will be a volcano bonds, with half of which will be used to buy Bitcoin and the other half to be used for volcano-powered mining infrastructure.
2022 predictions on #Bitcoin:
•Will reach $100k
•2 more countries will adopt it as legal tender
•Will become a major electoral issue in US elections this year
Bitcoin City will commence construction
•Volcano bonds will be oversubscribed
•Huge surprise at @TheBitcoinConf— Nayib Bukele 🇸🇻 (@nayibbukele) January 2, 2022
Analysts are “down” on Bitcoin price. @venturefounder, a crypto analyst, noted that Grayscale, the leader in digital asset management, is not buying any more Bitcoin. The dev is no longer buying Bitcoin since the GBTC premium turned into a discount.
Grayscale, the largest institutional owner, is slowly distributing over 600,000 Bitcoins.
the day $GBTC premium turned to discount, #BTC was at $48k.@Grayscale basically hasn’t bought a single #Bitcoin since, only slowly distributing. But they are still the largest known institutional holder with over 600k BTC. pic.twitter.com/uvf5ATE3VS
— venturefoundΞr (@venturefounder) January 2, 2022
@crypto_birb, a crypto analyst, believes that the crypto market is rocking back and forth and there is no directional consensus. Bitcoin price may continue its downtrend unless there is a trigger in the short term.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.