In a now-viral tweet, El Salvador President (and crypto fanatic) Nayib Bukele predicted that Bitcoin (CCC:BTC-USD) will hit $100,000 this year. That prediction has made BTC bulls excited today. Therefore, let’s take a look at some other Bitcoin price predictions to see if the sky-high estimate might be a reality.
Bukele’s tweet, which has since earned 36,300 likes and more than 6,000 retweets, detailed a number of interesting expectations for Bitcoin.
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
Bukele clearly believes the world is hurtling toward a crypto-dominated future and is unafraid to share such views with his 3.2 million Twitter followers. He even responded to the tweet, claiming, “This tweet will age well.”
Indeed, Bukele is notorious for his belief in crypto. He’s a primary facilitator of El Salvador’s planned “Bitcoin City,” and he pushed the country to adopt BTC as legal tender. In September, he succeeded, making El Salvador the first country to accept crypto as legal tender.
Despite’s Bukele’s optimism, Bitcoin has seen a steady decline today, dropping 2.57% to $46,575 per coin. Let’s see if the experts are as confident in the mainstay crypto as the El Salvador President.
Bitcoin Price Predictions: Is President Bukele on Target?
- Wallet Investor is a bit less bullish on Bitcoin than Bukele, but to be fair, who isn’t? The platform set a one-year forecast of $78,481.50. Additionally, it has a five-year price target of $20,3020 per coin.
- Coin Price Forecast is a bit more restrained on Bitcoin. It predicts BTC will hit $50,000 by the middle of 2022 and $69,729 by year-end. Unlike some crypto bulls, it doesn’t see the coin hitting $100,000 until the end of 2024.
- Investment banking giant JPMorgan offered a balanced outlook on the alternative investment. JPMorgan analyst Nikolaos Panigirtzoglou believes Bitcoin could swing as low as $30,000, or as high as $146,000, per coin this year. Citing its inflation resistance, he notes that his $73,000 median target assumes consistent, predictable growth, things BTC has rarely experienced. Panigirtzoglou also believes BTC is likely currently overweight, making it a tough entry point for would-be investors.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.