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The president of El Salvador forecasts the price of BTC at $ 100 next year

The president of El Salvador forecasts the price of BTC at $ 100 next year

created Simon petersJanuary 4 2022

Bitcoin it performed well over the holiday season, but lost momentum in the new year. It seems that the world's largest cryptocurrency is recovering from the beginning of the month, by December 20 it was hovering below $ 46. It currently stands just above that limit, around $ 000.

In the meantime Ethereum it struggled with the holiday season only briefly keeping the price above $ 4000. ETH has been in a downtrend throughout the past month, and since the beginning of the new year it has only briefly managed to reach above $ 3800. The cryptocurrency currently costs around $ 3700.

The president of El Salvador predicts the future of bitcoin

President of El Salvador, openly endorsing bitcoin, Nayib Bukele, presented a series of cryptocurrency forecasts in 2022. Bukele believes that BTC will hit $ 100 per token next yearwhich would be a large price increase similar to the one that started last July. He also predicted that two more countries would follow El Salvador by adopting bitcoin as legal tender.

El Salvador is currently the only country in the world where BTC is formally officially tender, although in many others it is now an accepted form of transaction, if not officially sanctioned. Last September Central American people have made bitcoin their official currency. Other Central American countries and countries such as Ukraine will no doubt continue to look at the Bukele project with interest.

Bukele also said in his predictions that BTC would become a "major election issue" in the US this year and that El Salvador's so-called "volcanic bonds" would become over-subscribed. Finally, he also said that he will be at the Bitcoin conference to be held between April 6 and 9 "Huge surprise". However, Bukele has already been announced as one of the speakers.

Bitcoin reaches its highest hash rate in history

Bitcoin hash count reached an all-time high of 207,53 exahashes per second (EH / s). The new record appeared on Saturday (January 1), just before the 13th birthday of the cryptocurrency.

The BTC indicator corresponds to the strength of the network and the number of active miners. The record hash rate is a positive sign for its development - especially after those numbers plunged sharply following a total ban in China. However, many miners are moving to more open territories and new operations are setting the hash coefficient, so it seems to have rebounded heavily since the end of June last year.

Square Enix will go to the NFT

Well-known video game publisher, Square Enixclaims to have big plans for non-exchangeable tokens (NFT) CEO Yosuke Matsuda said in his New Years letter that the company may be ready to release its own NFT and metaverse plans. However, Matsuda issued a warning regarding the NFT, despite his apparent enthusiasm for the technology, stating that:

“From time to time, we see examples of overheated NFT-based digital goods trading with a somewhat speculative overtone, regardless of the observed value of the content delivered. Obviously, this is not an ideal situation, but I expect appropriate digital goods contracts will eventually emerge as they become more common in society and the value of every available content will be adjusted to its true estimated value. I am making efforts to make them as famous as trading in physical goods. "

About games based on blockchain technology Matsuda said he saw many people skeptical of the idea "Play to earn"when the main goal of games is to play, but he added that "play to contribute" can be a valuable middle ground for the company. He added that advances in "tokenomics" will play a large role in the interaction of players with blockchain-based games, creating self-sufficient participation and contribution to projects.

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About the Author
Simon peters
eToro analyst. A graduate of the Faculty of Mechanical Engineering at Brunel University in London. He is CFA UK Level 4 certified in Investment Management.