Bitcoin as a legal tender is a significant step towards revolution. El Salvador blazed by adopting bitcoin as a permanent national currency. As per the experts, each bitcoin whale holds more than 1000 BTC; El Salvador is also one of the leading bitcoin whales as the country has 1300 BTC reserves. El Salvador’s president Nayib Bukele recommended bitcoin as a national currency to better this Latin American country.
The decision is supposed to embrace bitcoin transactions, and it might give a push to the liquidity of this token. You can check the oil profit software for a detailed overview of cryptocurrency trading. Nayib Bukele has predicted many things regarding bitcoin in 2022, and one of these predictions demonstrates that two more countries will make bitcoin the national currency. Let’s find out Nayib Bekele’s prediction regarding the gigantic virtual coin.
Who is Nayib Bukele?
Nayib Bukele is the president of El Salvador and advised the government authorities to make this currency a legal tender in the very first place. Parliament members made this decision in June 2021 and executed their procedures after four months. Although Nayib Bukele is a bitcoin maximalist, the president will become utterly advanced in the forthcoming few years.
Bitcoin’s adoption as a legitimate currency is assisting the country in acquiring the limelight from foreign investors. Besides bitcoin becoming a national currency, the utilization of Volcano’s energy to fuel the city and other cryptocurrency mining plants is also one of the reasons why foreign investors are attracted to El Salvador.
Predictions of Nayib Bukele!
Since Nayib Bukele is a bitcoin maximalist, he made some predictions regarding significant events related to this virtual coin in 2022. The six assumptions that he made are that bitcoin will surpass the milestone of $100k. Countries other than El Salvador will adopt bitcoin as a national currency. Finally, the currency will transform as a gigantic electoral complication in the United States.
The construction of the new flanged bitcoin city in El Salvador will begin this year. Other predictions include that BitcoinConf will offer a massive surprise to bitcoin enthusiasts.
How much is Bitcoin El Salvador holding?
El Salvador, the only country to see bitcoin as a legitimate currency, has purchased lots of bitcoin this year. As per reports, El Salvador has more bitcoin than their gold reserve. The gold reserve of El Salvador is worth $70 million; on the other hand, the Bitcoin units El Salvador is holding are much more. Nayib recently stated that virtual gold is more powerful, profitable, and usable than actual gold.
In short, El Salvador is putting its best efforts to facilitate cryptocurrency transactions. As per the total buying of El Salvador in 2021, the country has nearly 1400 BTCs. The head of popular trustable exchange, Bitrnex, announced that more than six countries would announce cryptocurrency as a national currency by the end of this year. The list of countries that will adopt bitcoin as a legal tender only includes the developing countries.
The construction of Bitcoin city will start this year!
Bitcoin city will also put the best efforts to facilitate cryptocurrency transactions. Nayib Bukele announced the bitcoin city concept in a public gathering and shocked everyone. The bitcoin bonds will be funding the bitcoin city in El Salvador, and the power supply of bitcoin city will be created by Volcano present in the country.
Volcano power will not merely generate power to fuel the city but also mining plants and other cryptocurrency mining pools. Using Volcano’s energy to run the cryptocurrency mining plants will be a big plus point for the miner as it will make the cryptocurrency mining business very profitable. So you might wonder why the usage of volcano energy in cryptocurrency mining will embrace its profitability.
Electricity costs characterize the expenses of cryptocurrency mining. The electricity cost for bitcoin mining in gigantic mining rigs is enormous. That is why if miners can use geothermal energy, it will reduce the cost of cryptocurrency mining by a considerable amount.
The portion mentioned above is a complete overview of El Salvador’s president’s prediction for Bitcoin this year.