Bitcoin to Become Legal Tender in Two More Countries in 2022: Bukele
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Bitcoin (BTC) proponent President Nayib Bukele recently tweeted some ambitious predictions for the benchmark cryptocurrency in 2022, including a $100K price tag.
That said, the President of El Salvador’s boldest prediction out of the six he made is that two more countries could adopt BTC as their legal tender.
El Salvador became the first sovereign nation in history to make Bitcoin, alongside the US dollar, in September 2021. This bold move sparked a crypto revolution that most likely caught the attention of many world leaders.
Bukele’s interesting prediction comes after El Salvador’s ambassador to the US, Milena Mayorga, noted last year that if the Bitcoin adoption plan works in the country, other nations will follow expeditiously.
Bukele also noted that BTC “will become a major electoral issue in US elections this year.” Over the past year, discussions amongst American politicians around BTC and crypto got heated. Several politicians, including former presidential candidate Andrew Yang alongside Republican senators Cynthia Lummis and Warren Davidson, have expressed their support for the asset class.
On the other end of the scale, politicians like Senator Elizabeth Warren have argued vehemently against it, noting that it only favors the wealthy.
That said, many analysts are excited to watch how the US would approach the crypto industry in 2022 amid heightened regulatory talks from several US authorities, including the SEC, the US Fed, and the Treasury department.
Key Bitcoin Levels to Watch — January 2
On my daily chart, BTC entered the new year in a quiet tone, as the recent bearish slide slowed down at the $46K region. However, the 200-day SMA appears to have capped any meaningful gains for the benchmark cryptocurrency in the near term, as Bitcoin struggles to reclaim $48K.
Nonetheless, I expect a steady recovery to emerge once the primary cryptocurrency closes above the 200 SMA over the coming days.
Meanwhile, my resistance levels are at $48,000, $48,500, and $49,500, and my key support levels are at $47,000, $46,000, and $45,000.
Total Market Capitalization: $2.24 trillion
Bitcoin Market Capitalization: $894.7 trillion
Bitcoin Dominance: 39.9%
Market Rank: #1
