Nayib Bukele prediction: 2 more countries will adopt Bitcoin as legal tender

[suzanne5223]

Making Bitcoin legal tender is a long process, and it requires of support in government.

Thats correct and I think the cryptocurrency communities are too overwhelmed about this news because no government can such a decision without a proper plan, not even this time that the market next trend is yet to be certain.
For the record, a lot of governments have talked about doing something that will crypto to be used as payment why does it take them so long but a lot of people don't think about things like this.

[Rengga Jati]

President of El Salvador Nayib Bukele tweeted that 2 more countries will adopt Bitcoin as legal tender:

This will be another good news again for the crypto world, moreover for  the Bitcoin adoption.
But, what country is that? I am pretty sure that some countries may give certain influences to the Bitcoin price if using it as a legal tender. But, if this is about a small country, I am not sure that the influence will be dominant or be high enough.
however at least, many more good news about the use and acceptance of Bitcoin will bring fresh air.

Well, aside from that, the expectation about Bitcoin price to reach$100k is still around here. But, is that true to reach it this year even after the announcement from the countries that accept Bitcoin as legal tender? As we know that after the El Salvador acceptance, the price of Bitcoin also doesn't rise too significant. I am sure that the price of BTC can still rise up, but I don't know whether it will rise up until $100k or not. Because the era of Bitcoin bullish time actually is likely ended in 2021.

[worle1bm]

Maybe more countries will accept btc as legal tender this year but can't say which one will follow the El Salvador path but if i have to predict then it could be some neighbouring nation or some small nation whose currency is dominated by USD to strengthen their economy.

But $100k seems possible this year because we have just entered the year with $40k range and some positive action and investment could boost it to some high levels but nothing is guaranteed so will have to wait another 4-5 months and result will be clear near Q3 of 20222 to tell what price levels it is at that time.

[ChrisPop]

History is being made. Bitcoin keeps his position as a slower, but steady winner both in the adoption rate and in the financial markets.
You can imagine that a president has a lot of influencing power and opportunities so Mr. Nayib is obviously making efforts in promoting Bitcoin as a new standard for storing value.

[Rockstarguy]

I have always predicted that the bold step  El Salvador took to make bitcoin as legal tender other countries will follow, it may take time for some other country though. I have always known bitcoin as a big digital currency that always win. It was not a surprise to me when El Salvador took bitcoin as legal tender I believed it will happen a day.

[michellee]

I am curious what the other countries that Bukele mention. It is no surprise to see if more counties will adopt bitcoin as a legal tender as the other countries can see what El Salvador already reached from bitcoin and that can make them follow the step to adopt bitcoin.

But to see the price will reach $100k this year, that will be a big WOW for us and we wonder when that can happen as we are now witnessing bitcoin price is at $43k. But we admitted that we still have much time to wait and patience while enjoying our time to accumulate more bitcoin in this downtrend still. Sooner or later, the bitcoin price will rise itself and at that time, we can sell for some amount or still wait for another time.

[molsewid]

I am curious what the other countries that Bukele mention. It is no surprise to see if more counties will adopt bitcoin as a legal tender as the other countries can see what El Salvador already reached from bitcoin and that can make them follow the step to adopt bitcoin.

But to see the price will reach $100k this year, that will be a big WOW for us and we wonder when that can happen as we are now witnessing bitcoin price is at $43k. But we admitted that we still have much time to wait and patience while enjoying our time to accumulate more bitcoin in this downtrend still. Sooner or later, the bitcoin price will rise itself and at that time, we can sell for some amount or still wait for another time.

I'm curious about this other countries that were likely going to adopt bitcoin as a legal tender, I mean yeah, like you mate I am also very optimistic that there will be more country that will going to adopt bitcoin however today I don't think so since bitcoin legal adoption is still battling in an option of YES and NO to many countries like my country. I don't know when will price of bitcoin going to pump again but hopefully a $100k ATH will now be attain.

[dataispower]

I have always predicted that the bold step  El Salvador took to make bitcoin as legal tender other countries will follow, it may take time for some other country though. I have always known bitcoin as a big digital currency that always win. It was not a surprise to me when El Salvador took bitcoin as legal tender I believed it will happen a day.

Going round the world you will notice that bitcoin is moving round the world but it will hard for All the country to accept it as a legal tender, many countries is capitalizing that Bitcoin is used by fraudster so many people is afraid of it, Bitcoin adoption was not like these before, it is few people and country who really accept it exchange but now is light of the world

[Wawa2013]

I am curious what the other countries that Bukele mention. It is no surprise to see if more counties will adopt bitcoin as a legal tender as the other countries can see what El Salvador already reached from bitcoin and that can make them follow the step to adopt bitcoin.

But to see the price will reach $100k this year, that will be a big WOW for us and we wonder when that can happen as we are now witnessing bitcoin price is at $43k. But we admitted that we still have much time to wait and patience while enjoying our time to accumulate more bitcoin in this downtrend still. Sooner or later, the bitcoin price will rise itself and at that time, we can sell for some amount or still wait for another time.

I'm curious about this other countries that were likely going to adopt bitcoin as a legal tender, I mean yeah, like you mate I am also very optimistic that there will be more country that will going to adopt bitcoin however today I don't think so since bitcoin legal adoption is still battling in an option of YES and NO to many countries like my country. I don't know when will price of bitcoin going to pump again but hopefully a $100k ATH will now be attain.

I'm not really curious which country will follow in El Salvador's footsteps, because any country that legalizes Bitcoin as a legal tender is not
a problem. Most importantly, hopefully it can have a positive effect on the price of Bitcoin. Since the price of Bitcoin continues to decline right now,
I'm worried that if Bitcoin drops below $40k, there will be a panic sell and make the Bitcoin price go down. I hope to be able to immediately
mention which countries will legalize Bitcoin as a legal tender. Not because I'm curious, but with an official statement from the country that
will legalize Bitcoin, is expected to be positive news and push the price of Bitcoin to rise again.

Regarding the target of $100k, I am still very optimistic that it can be achieved this year, because I believe Bitcoin's performance in 2022 will be
better than 2021. Because it's still the beginning of the year, so there is no need to worry if the price of Bitcoin still shows a decline. Because in 2021
the increase in Bitcoin very high, so now is the time for a correction, but after that the price of Bitcoin can go very high.

[perfect999]

things will remain unpredictable until we see them already happening. I understand how bullish Bukele is when it comes to bitcoin as he leads the first country who had made bitcoin a legal tender. And if by chance he has met other leaders and talk all about this, then no wonder he has come up with this predictions. But if he is just making a hype, i don't think its still necessary for bitcoin as we all know that bitcoin will always have its own time to recover and surge its price again.

Yes you are right, the only way that he would be able to know whether there would be countries that are going to adopt Bitcoin at all is if he has really spoken with the leaders of these countries and they actually said that they have such plans of making their countries adopt Bitcoin this year. If not, then he’s just making a speculation, which I think is not right at all.

Moreover he’s not the first person saying such a thing, there has been other people who has made this same prediction that there would be countries that would adopt Bitcoin, but they are just speculating what they think would be happening, and they are not sure it is really going to happen.

[DapanasFruit]

As someone who is at the highest position of his own country, am sure that Nayib Bukele has access to information that are not normally available to anyone of us and that can be the reason I am at least trusting his pronouncement at 50%...with the other 50% left for chances as there is no guarantee here whatsoever. We know that El Salvador made into the frontpage of Bitcoin history by being the first country to make BTC as a legal tender...and if one day there can be another two countries to do so then that can be a very big welcomed news. Let's hope that what he is saying can really come true. Now, even if it is just recognizing Bitcoin as  legal asset and not necessary as a legal tender...that can already be making a big impact for the market.

[michellee]

I am curious what the other countries that Bukele mention. It is no surprise to see if more counties will adopt bitcoin as a legal tender as the other countries can see what El Salvador already reached from bitcoin and that can make them follow the step to adopt bitcoin.

But to see the price will reach $100k this year, that will be a big WOW for us and we wonder when that can happen as we are now witnessing bitcoin price is at $43k. But we admitted that we still have much time to wait and patience while enjoying our time to accumulate more bitcoin in this downtrend still. Sooner or later, the bitcoin price will rise itself and at that time, we can sell for some amount or still wait for another time.

I'm curious about this other countries that were likely going to adopt bitcoin as a legal tender, I mean yeah, like you mate I am also very optimistic that there will be more country that will going to adopt bitcoin however today I don't think so since bitcoin legal adoption is still battling in an option of YES and NO to many countries like my country. I don't know when will price of bitcoin going to pump again but hopefully a $100k ATH will now be attain.

I guess bitcoin is still on the grey side as there needs more discussion from the government with all of the people who will be related to the decision-maker in the country. But in the future, the chance for bitcoin to be accepted as a legal tender is still wide open to give more chances for bitcoin to get more support from the country and the people. Bitcoin price will go to the pump again. No need to worry instead just wait for that time and be ready with your bitcoin to take your profit at that price.

[dezoel]

This is not the first time that someone is predicting about Bitcoin reaching $100,000. Last year (2021) a lot of people were predicting that the market would reach $100,000 before the year is over, but that never happened till 2021 was over.

So someone making the same predictions in 2022, I don’t really see a reason for me to be so excited about it, so I am just going to wait till I see it happen and then I will be sure. And what about the two countries that are going to be adopting bitcoin, does he really know which countries they are, or he’s just making a guess on that? If he’s too sure about the countries that it is going to be, why didn’t he mention their name? Anyways, I’ll patiently wait till the year is over to know whether the things he’s said is going to be the truth or not.

[kryptqnick]

Let's go through his predictions. It's easy to say that he's right about Bitcoin City and Volcano bonds because they're under his control. So is, I guess, that surprise at the Bitcoin Conference, but he might overestimate its scope and impressiveness. As for the first three things which are out of his control, I think that $100k is a realistic prediction, while 2 countries adopting Bitcoin sounds less likely (unless El Salvador starts showing vast economic improvements fast, and also because I think a move like this usually requires a young dictator to do things fast), and I find Bitcoin being a big matter in the US elections even more unlikely. So far, it wasn't a big issue in the US politics, with few people from both parties caring about changing the existing policies at all.

[hatshepsut93]

Why he says 2 countries? Why not 1 or 3 or 14? Does he know exactly which countries will adopt Bitcoin if he has the exact number? I personally don't think that it's a sure thing that we'll see more Bitcoin adoption as legal tender this year, because all those rumors about the next countries to do so were completely unfounded.

[Lucius]

~snip~

Maybe he really knows something, and maybe he's just guessing, time will tell if he was right or not. However, one thing may be important in the story of who will be next, because the hardest thing is to be first in something - everyone else can learn a lot from the example of El Salvador, and maybe even get technical help if they decide to take the same step.

The key thing in all this is whether Bitcoin will change something for the better in El Salvador, and this is what is now in the focus of all potential candidates.

[Botnake]

~snip~

Maybe he really knows something, and maybe he's just guessing, time will tell if he was right or not. However, one thing may be important in the story of who will be next, because the hardest thing is to be first in something - everyone else can learn a lot from the example of El Salvador, and maybe even get technical help if they decide to take the same step.

The key thing in all this is whether Bitcoin will change something for the better in El Salvador, and this is what is now in the focus of all potential candidates.

You are right. El Salvador will serve as a model from other countries so if they can see that bitcoin did a great thing in El Salvador and was able to make this little country a very progressive one, then we can expect that after the success, other countries will have more chances to adopt bitcoin as their new legal tender. Things are only quite hard in the beginning because of the risk, but if a single country takes the risk and comes out more successful, then bitcoin has really those big potentials that a legal currency should have.

[ChiBitCTy]

I'm asking a pretty stupid question here, but El Salvador simply made bitcoin a fiat option in the country, they didn't actually completely replace their fiat currency for bitcoin period did they?  I feel silly asking this but it just dawned on me that I actually just don't know.  This type of current volatility that we are dealing with certainly does not help with anything when countries are looking at potentially making bitcoin legal tender for their nation.

I am not sure any other countries will follow the same route if we have a down year for bitcoin.  We certainly not off to a good start.

[Lucius]

You are right. El Salvador will serve as a model from other countries so if they can see that bitcoin did a great thing in El Salvador and was able to make this little country a very progressive one, then we can expect that after the success, other countries will have more chances to adopt bitcoin as their new legal tender.

As we have repeatedly pointed out, the idea of Bitcoin in El Salvador was to save on remittances sent by their expatriates mostly from the US - and if I remember correctly the initial plan was to save about $400 million on it using the Bitcoin and Chivo app. Everything else comes after that, and President Bukele seems to have a lot of ideas that are closely related to Bitcoin.

I found some interesting information that might give us an indication of which countries Bukele is thinking about, and it concerns foreign remittances. By that criterion, the next candidates could be Honduras, Haiti, or Jamaica.

Source

I'm asking a pretty stupid question here, but El Salvador simply made bitcoin a fiat option in the country, they didn't actually completely replace their fiat currency for bitcoin period did they?  I feel silly asking this but it just dawned on me that I actually just don't know.  This type of current volatility that we are dealing with certainly does not help with anything when countries are looking at potentially making bitcoin legal tender for their nation.

El Salvador replaced its national currency with the US dollar some 20 years ago, and now they have only added Bitcoin to its monetary system, US $ still remains a legal payment option. Using the Chivo app, every resident of that country can very easily and for free convert USD to BTC and vice versa and thus choose what to use for the transaction.

In the long run, the lower price of Bitcoin is actually an advantage in such cases, because everyone who buys wants to buy as much BTC as possible for as little fiat as possible - and in the long run it means a profit one day when the price of BTC rises again.

[riso2015]

most likely nayib bukele's prediction will come true, because all this time after the government of el salvador accepted bitcoin and made bitcoin a legal tender, their economy was improving, maybe because of that the government of el salvador dared to say there would be other countries that would follow in their footsteps, we'll see in 2022, is it possible for Nayib bukele's prediction to come true..