President Nayib Bukele of El Salvador has given his bullish forecast for Bitcoin's success in 2022.

Bukele has anticipated that the cryptocurrency will achieve the long-awaited six-digit price this year as it gains solid traction as a sovereign currency.

This year, bitcoin will reach $100,000 in value, and two additional countries will accept it as legal tender, he said.

According to a tweet from Bukele on Sunday, the digital asset will also play a key part in the forthcoming United States midterm elections on November 8.

Since El Salvador adopted bitcoin, Bukele has acquired 1,370 BTC for the country's reserve and reinvested the proceeds in infrastructure development programs such as a medical facility and a school.

El Salvador adopted bitcoin as its official currency last September, venturing into unknown territory and earning the criticism of the International Monetary Fund.

Two months later, the president announced plans to issue a $1 billion "Bitcoin Bond" on the Liquid Network with a 10-year maturity. Around 50% of the bond revenues will go toward the creation of a new "Bitcoin City" along the Gulf of Fonseca, near a volcano.

According to figures by Blockstream, the bond's annualized yield may reach 146% in the tenth year, if bitcoin rallies to $1 million in the next five years - a somewhat improbable goal considering the cryptocurrency's current price of roughly $47,000, having soared near the $69,000 mark.

El Salvador has consistently bought the dips, indicating that it believes in the cryptocurrency's long-term price potential.

In spite of the fact that bitcoin outperformed traditional assets by approximately 60% last year, the widely anticipated price target of $100,000 has proven difficult to achieve due to the hawkish turn of the US Federal Reserve and widespread risk aversion in financial markets in November and December.

El Salvador's broad Bitcoin adoption has been hampered by a slew of technical issues, the most recent of which is claims of monies vanishing from Chivo, the country's in-house Bitcoin wallet.

At least 50 Salvadorans reported losses totaling over $96,000 in December, according to Cointelegraph, as a result of an apparent undisclosed flaw in the Chivo wallet.

While Bukele believes bitcoin will regain its "mojo" this year, some analysts believe it will underperform coins based on Layer 1 blockchains like Ethereum, Fantom, Avalanche and Solana.

Under Bukele's presidency, El Salvador became the first government to embrace Bitcoin as legal tender as a countermeasure to the country's rising inflation.