Bitcoin will be legal tender in two more countries, predicts El Salvador President Nayib Bukele

El Salvador President Nayib Bukele, a staunch supporter of Bitcoin on Twitter shared predictions around Bitcoin’s journey. According to the Salvadoran president, Bitcoin will be adopted as legal tender by two more countries.

The 40-year-old pro-crypto politician also believes that the price of Bitcoin will spike to $100,000 (roughly Rs 74 lakh) per token this year, and will emerge as a major electoral issue in the US in 2022.

Additionally, Bukele highlighted that the construction work on his “Bitcoin City” project will also start this year. Bukele said that it plans to build the world’s first “Bitcoin City”, funded with the issuance of a $1 billion Bitcoin Bond. The city will be located along the Gulf of Fonseca near a volcano. Bukele’s administration is counting on Bitcoin to spur the country’s economic growth, and investment, assuming that Bitcoin price remains on an overall upward trajectory.

According to Bukele, the residents of Bitcoin city won’t have to pay any income, property, capital gains or even payroll taxes. The city would be built with attracting foreign investment in mind.

Earlier, in December Bukele announced that Bitcoin is the “real revolution” the world is seeing at present and days for fiat currency is limited. The Salvadoran President  targeted those who raised questions regarding El Salvador’s decision of legalising Bitcoin. He tweeted: “What has been called by international organizations as “The Bitcoin Experiment”, is nothing more than the world watching how mass adoption changes a country’s economy. If it’s for the good, it’s game over for fiat,” adding that, “El Salvador is the spark that ignites the real revolution.”

In September, El Salvador became the world’s first nation to adopt Bitcoin as legal tender, a move that generated global media attention but also attracted criticism from the opposition and the International Monetary Fund (IMF) warning the country to not make Bitcoin a legal tender, considering risks related to the volatility of the cryptocurrency.

It should be noted that until November 26, El Salvador had 1,220 Bitcoins and the El Salavdoran President is on a spree of adding Bitcoin to its country funds.

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