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Forbes - New year, same prices 🏷️

Good Monday morning and happy New Year! This is Billy Bambrough, here with the latest bitcoin and crypto news and what to look out for this week.
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24-hour crypto market snapshot
Luna (+4%) $93.50
Out with the old... 🌚
Cryptocurrency prices have begun 2022 in the same way they ended 2021—subdued to the point of stagnation. Despite the bitcoin hash rate hitting a new all-time high after its mid-2021 plunge, the bitcoin price has remained firmly around $47,000 since the turn of the year.

Ethereum is leading the major crypto market higher this morning, up just over 2%, but it remains down around 5% on this time last week. Polkadot and terra's luna look in a similar state, both up around 4% but unable to erase their recent losses.

Shot: Eminem purchases Bored Ape Yacht Club NFT for $462,000
Chaser: NFTs Are Going To Be Bigger Than Bitcoin—Kevin O’Leary
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Bukele's bitcoin predictions 🎱
President of El Salvador, Nayib Bukele, issued six 2022 bitcoin predictions via Twitter
President of El Salvador, Nayib Bukele, issued six 2022 bitcoin predictions via Twitter AFP VIA GETTY IMAGES
Bukele turns bull: El Salvador's millennial president Nayib Bukele has issued a flurry of bitcoin predictions for 2022—including that the bitcoin price will more than double to $100,000. Read the full story on Forbes.

Miami heats up: Bitcoin "will reach $100,000" in 2022, Bukele posted to Twitter, teasing a "huge surprise" at this year's Miami Bitcoin Conference in April, where El Salvador's plan to adopt bitcoin as one of its official currencies alongside the U.S. dollar was first unveiled last year. "This tweet will age well," he added.

Fool me once... Many had predicted the bitcoin price would hit $100,000 before the beginning of 2022 but bitcoin and other major cryptocurrencies have all struggled towards the end of the year. The combined bitcoin and crypto market capitalization has lost around $800 billion since November, dropping from a peak of around $3 trillion, as fears swirl over soaring inflation and the Federal Reserve's 2022 outlook.

Crystal ballin': Bukele's 2022 bitcoin predictions also include: "[two] more countries will adopt it as legal tender, [bitcoin] will become a major electoral issue in U.S. elections this year, Bitcoin City will commence construction [and] volcano bonds will be oversubscribed"—referring to the recently announced new low tax city that will be built with money from a $1 billion bitcoin-backed bond and powered with geothermal energy from a nearby volcano.

Settle a bet... After bitcoin's stonking 2021, others ended the year with their own bullish predictions. In December, one closely-watched analyst has said he expects the U.S. to "embrace cryptocurrencies in 2022"—predicting the bitcoin price "appears to be on a trajectory for $100,000" and the ethereum price could hit $5,000. Former Twitter chief executive Jack Dorsey, who recently quit the social media giant he cofounded to grow his payments company, made headlines when he predicted bitcoin will eventually replace the U.S. dollar. MicroStrategy's chief executive Michael Saylor, who's transformed his business intelligence company into a bitcoin acquisition vehicle over the last 18 months, said he expects the bitcoin price to eventually hit $6 million.

Good to know: Billionaires are embracing crypto in case money ‘goes to hell’
The week ahead 📆
👀 Watch out for these cryptocurrency and crypto-adjacent events this week.

🎰 CES 2022 kicks off on Wednesday both online and in Las Vegas. After Art Basel's focus on blockchain and non-fungible tokens (NFTs) last year, expect more of the same from CES—"we'll be diving deeper into the metaverse this year, buying up NFTs with cryptocurrencies," according to a Wired look ahead. Samsung has already announced a smart TV with NFT trading support, for some reason.

🏦 On Wednesday, the Federal Reserve will release minutes from its December meeting in which it announced it would speed up the tapering of its once $120 billion a month bond-buying program—now set to end in March instead of June.

💼 The U.S. December jobs report drops Friday and could be the bombshell crypto and equity markets are waiting for. Economists reckon employers added jobs at a faster pace in December as the labor-market recovery continued but the data reflects mid-December surveys before the Omicron variant caused Covid-19 cases to rise sharply.

Now read this: Virtual-property prices are going through the roof
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
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