RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Monday, falling by 1.14 percent to $46,868 at 12:23 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at at $3,797, up by 0.85 percent, according to data from Coindesk.
El Salvador's president Nayib Bukele on Saturday tweeted his six predictions relating to Bitcoin for the year 2022.
President Bukele expects Bitcoin to reach $100,000 this year, and also predicts that two more countries will adopt Bitcoin as legal tender,
El Salvador made Bitcoin legal tender alongside the dollar in September.
"2022 predictions on Bitcoin: will reach $100k, more countries will adopt it as legal tender, will become a major electoral issue in US elections this year, bitcoin City will commence construction and Volcano bonds will be oversubscribed," Bukele tweeted.
El Salvador has purchased about 1,391 bitcoin since it became its national currency, according to bitcoin.com.
Bitcoin & Inflation
Bukele is not the only one who expects more countries to adopt Bitcoin as legal tender by the end of 2022.
The CEO of crypto exchange Bitmex Alex Hoeptner also predicted in October that by the end of this year there will be at least five countries accepting bitcoin as legal tender, noting that all of them will be developing countries.
Finance professor Jeremy Siegelm from the Wharton School of the University of Pennsylvania, has warned about inflation and the Fed hiking rates many more times than the market expects.
Gold has been a disappointment, Siegel argued in an interview with CNBC.
"Let’s face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold. Digital coins are the new gold for the millennials," he said.