El Salvador’s Bitcoin
One cannot remove Bitcoin enthusiasm from Nayyib Bukele, President of the world’s first country to adopt Bitcoin as a local currency i.e. El Salvador.
Under the direct supervision of the El Salvadoran President, Bitcoin was legally recognized as a national currency through a legislature.
The initiative was taken in 2021 and since then the state of El Salvador has been stashing Bitcoins.
Meanwhile, the country also aimed to reduce the energy costs of mining Bitcoin. In this connection, the heat coming from volcanoes has been converted into energy and consumed in the process of Bitcoin mining.
Hence, El Salvador as well as its Government led by President Bukele have an enormous interest in the well-being of Bitcoin.
El Salvador’s Expectations from Bitcoin
El Salvadoran President is a huge supporter of Bitcoin and the whole world knows it. It was because of his efforts that Bitcoin was adopted as a national currency in El Salvador.
President Bukele was more than optimistic 2022 that Bitcoin is destined to be sold at $100,000 plus in 2022. However, towards to road to reaching $100,000, Bitcoin’s journey was curtailed at a price of $69,000.
When he predicted $100,000 for Bitcoin, Bitcoin was trading at $45,000 at that time i.e. 1st January 2022. Hence, the wild prediction of President Bukele failed in the first instance.
Bukule’s Second Round of BTC Predictions
However, when Bitcoin’s value crossed $47,500, El Salvador acquired more Bitcoins and President Bukele initiated the second round of BTC predictions.
At that time around, he was more focused on predicting Bitcoin’s adoption by other states.
He hence predicted that Bitcoin’s adoption at the national level is due in two countries. This very prediction of Bukele suggesting Bitcoin’s adoption by two more states also failed miserably.
It turned out that El Salvador was the only state which adopted Bitcoin from 2021 till the end of 2022.
However, President Bukele deserves the benefit of the doubt because there is a state which may be adopting Bitcoin in 2023.
For instance, Saint Kitts and Nevis have revealed their intention of giving legal tender to Bitcoin Cash (BCH).
The country, which is located between two oceans of the Caribbean and the Atlantic, wishes to explore BCH’s adoption by end of 2023’s Q1.
At least, half of President Bukele’s Bitcoin adoption prediction may be coming true with a delay of one year.
Third Round of Predictions
Then came the third round of BTC predictions of President Bukele which was also launched in the month of January 2022. It was the time when the US Presidential elections were going on.
At that time, he claimed that Bitcoin would play an important role in the outcome of the elections in the US.
He said that US politicians have been running their election campaigns while including Bitcoins in them as well. He then claimed that those who favor Bitcoin would be elected.
This time, Bukele’s prediction did come true as Trump’s administration did not like Bitcoin. On the contrary, Bitcoin-supporting politicians were in Joe Biden’s camp and Biden became the 46th President of the US.
4th Round of Predictions
In the fourth round of BTC predictions, President Bukele concentrated on predicting what was in the best interest of his country.
It was the time when Bukele launched the idea of ‘volcano bonds’. He proposed that volcano bonds would be sold in the market and their sale proceeds would be dedicated to developing a ‘Bitcoin City’.
The project of ‘volcano bonds’ is a work in progress and, in the meantime, 2023 has begun.
Even as of today, President Bukele’s love for Bitcoin hasn’t reduced a little bit. Though Bitcoin’s value is in turmoil yet his hopes are still high for Bitcoin.
President Bukele still believes Bitcoin has the potential of achieving its first predicted value in 2023. He also believes that more nations would come forward in 2023 and accept Bitcoin wholeheartedly as their national currency.
