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El Salvador President Nayib Bukele tweeted his forecasts for Bitcoin in the year on New Year’s Day 2022, making some rather bullish predictions.
Under Bukele’s presidency, El Salvador became the first government to embrace Bitcoin as legal tender last year as a countermeasure to the country’s rising inflation. Since the country’s legalization, the president has purchased 1,370 BTC for the country’s reserve and spent the unrealized gains in new infrastructure projects like a hospital and a school.
In 2022, President Bukele expects two more countries to join El Salvador in adopting Bitcoin as legal tender. He also predicted a bull run that would push the price of Bitcoin to a new all-time high of $100,000.
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
Out of the six predictions he made, it appears that “two more countries will adopt it as legal tender” is rather cogent.w On September 7, 2021, El Salvador became the first government to make BTC legal tender, igniting a revolution that drew the attention of many other world leaders. This is an intriguing statement, especially after El Salvador’s ambassador to the United States, Milena Mayorga, stated that if Bitcoin adoption is successful in El Salvador, other countries “will follow.”
Another point worth noting is that he believes Bitcoin will become a big election topic in the United States this year. Parliamentary elections will be held in the country, and this might be one of the key issues of conversation in the United States. This might have a significant impact on the cryptocurrency industry and how businesses manage virtual currencies.
Many politicians have expressed support for the asset class, including 2020 Democratic presidential candidate Andrew Yang and Republican senators Cynthia Lummis and Warren Davidson. Other politicians in the United States have expressed their concerns about the issue. Senator Elizabeth Warren, for example, believes it favors just the wealthy. As more lawmakers get educated on the subject, it will be fascinating to see how Bitcoin regulation develops in the United States.
BTC/USD Fall further from christmas high. Source: TradingView
Related article | Zimbabwe Could Adopt Bitcoin As Legal Tender Following El Salvador
El Salvador is also planning to begin development on the so-called Bitcoin City in 2022. This might be critical for Bitcoin businesses and investors looking to develop across the continent. He predicts that volcano bonds will be oversubscribed and that there is going to be a huge surprise at the Bitcoin Conference this year.
Late last year, El Salvador announced plans to issue $1 billion in bonds to fund the purchase of more bitcoin as well as electricity and mining infrastructure. The project’s geothermal energy will be aided by the future city’s proximity to the volcano.
In a follow-up tweet, the President stated, “This tweet will age well.” Bukele’s predictions appear to be certain, but we’ll have to wait and see when and if they all come true this year.
Related article | El Salvador Calls Another Bitcoin Dip With 150 BTC Purchase
Featured image by BBC, Chart from TradingView.com
Erik Voorhees, the founder and CEO of ShapeShift, has revealed in a podcast that he felt embarrassed and disgusted by the behavior of Bitcoin maximalists at the 2021 Bitcoin conference in Miami.
A Bitcoin OG who can see some merit in altcoins, Voorhees spoke on a panel during day two of the Miami conference in June. He caused a stir when he said “Did I hear someone on that prior panel say ‘If you’re against toxic maximalism, you’re against Bitcoin and you’re against freedom?’… Yeah, that’s some bullshit.”
The ShapeShift CEO expanded on those comments in a July 27 interview on the Unchained Podcast hosted by journalist Laura Shin. The 35-year-old slammed Bitcoiners who believe that toxic behavior such as trashing proponents of other cryptocurrencies is a good thing for BTC:
“They’ve spun themselves up into thinking that trashing these people is a virtue and it’s helping Bitcoin. Frankly, I think it’s just kind of disgusting and I was embarrassed.”
He added: “These people were on stage talking about the virtues of toxic maximalism. I don’t know when they got into Bitcoin, but absolutely that is not the community that I come from in Bitcoin.”
Vorhees has spoken out before against toxic maximalism, but told Shin that the Miami conference was the first Bitcoin conference he’s been to in which he was “embarrassed about the people who were there.”
He stated that if there is a genuine enemy to Bitcoin and toBitcoin maxis, it is “central banks, banking and fiat currency” and not the “Dogecoin community or Ethereum community.”
ShapeShift is a noncustodial crypto exchange operated out of Denver and headquartered in Switzerland. The platform announced a full integration with cross-chain DEX THORChain in April which enabled direct trading of Bitcoin, Ether, and Litecoin. However, THORChain has suffered two multi-million dollar breaches from hackers this month, along with a third more minor breach.
Related: ShapeShift to decentralize entire company, plans for largest airdrop in history
Cointelegraph reported on July 16 that Thorchain came to a halt after a hacker stole $7.6 million worth of crypto assets, and last week an apparent white hat hacker stole $8 million worth of ETH.
Voorhees conceded the exploits show that ThorChain still has a long way to go, but the fact that it can provide a DEX that is chain-agnostic is a “huge development for the industry.”
“THORChain is very new early software and they’ve had a few pretty atrocious bugs recently. Right now the chain is offline. So it’s not a panacea and it’s not ready for prime time, but it works. It works with real money and it’s out in the wild getting better and better each week.”
Gabriel Silva, a Panamanian congressman, is moving to follow in El Salvador’s footsteps by proposing legislation to adopt Bitcoin and other cryptocurrencies on a national scale.
El Salvador’s president, Nayib Bukele announced during the Miami Bitcoin conference on June 6, that he will submit a bill to lawmakers demanding that Bitcoin be made legal tender.
In a June 8 tweet, Silva emphasized the significance of Panama not being left behind by Bukele’s progressive crypto plans, which also includes removing capital gains tax on Bitcoin in El Salvador. According to a rough translation, Silva asserted:
“This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.”
“We will be preparing a proposal to present at the Assembly. If you are interested in building it, you can contact me,” he added.
Bukele’s announcement has prompted similar moves from other politicians across Latin America, however, few concrete policy proposals have been announced.
On June 7, Paraguayan congressman, Carlitos Rejala, tweeted “El Salvador to the Moon” and uploaded a picture of himself with laser eyes — a popular crypto meme used to express Bitcoin maximalism on crypto Twitter.
Earlier today, the crypto community had turned their attention to Brazilian politician, Fábio Ostermann, who similarly posted a picture of himself with laser eyes accompanied by the hashtag “#lasereyestill100k.”
— Satoshi (@Satoshii2014) June 7, 2021
Despite positive sentiment on social media regarding the apparent bullishness of Latin American lawmakers, the price of Bitcoin has continued to decline.
The price of Bitcoin has slumped roughly 10% since Bukele’s June 6 announcement from $36,000 to roughly $32,500 at the time of writing.
From Thursday through Saturday, a throng of crypto faithful will gather at the Mana Wynwood Convention Center in Miami for the Bitcoin 2021 conference.
Bitcoin 2021 perhaps holds even greater significance than usual, as participants can gather in a physical location after COVID-19 restrictions forced many other crypto conferences to go virtual.
This year’s conference boasts a stellar cast of members of Congress, celebrities, cryptographers, CEOs and other crypto proponents, with the total attendance anticipated to exceed 50,000 people.
Some of the personalities expected at the event include Miami Mayor Francis Suarez, Bitcoin (BTC) permabull and MicroStrategy CEO Michael Saylor, Twitter’s Jack Dorsey and the Winklevoss twins — Cameron and Tyler Winklevoss — among others.
Mayor Suarez recently revealed that he bought Bitcoin after the United States Senate passed its $1.9 trillion stimulus bill back in March.
Bitcoin 2021 will also see pro-crypto government officials like Wyoming Sen. Cynthia Lummis as well as former heads of U.S. financial watchdogs like Chris Giancarlo and Brian Brooks. Giancarlo is a former chairman of the U.S. Commodity Futures Trading Commission, while Brooks recently served as the acting comptroller of the currency.
Saylor, the Winklevoss twins and Anthony Pompliano will headline the two fireside chats on Friday, while Galaxy Digital’s Mike Novogratz, Paxos CEO Charles Cascarilla, Square Crypto’s Steve Lee and freelance journalist Aaron van Wirdum will appear in fireside chats on Saturday.
On topics related to scalability, Zap CEO Jack Mallers will talk about businesses utilizing the Lightning Network, while the MIT Bitcoin Project’s Jeremy Rubin will appear in a panel titled “Bitcoin is DeFi.”
With the recent criticisms of Bitcoin mining, it is perhaps unsurprising to see a few panels dedicated to the subject, with titles like “The Moral Case for Bitcoin” and “Bitcoin Mining Fixes Our Energy Problems.”
Other panels planned for the event will explore topics concerning on-chain analytics, proof of reserves and banking the unbanked.
Cointelegraph’s editorial team will be on sight to provide the latest updates on the biggest events as well as to conduct interviews and even livestreams through