Gigantic price rise is just a matter of time: Nayib Bukele on Bitcoin

The president of El Salvador Nayib Bukele has yet again cleared his stance on Bitcoin. Earlier today, Bukele took to Twitter to declare that a “gigantic price increase” concerning Bitcoin is due in just a “matter of time” owing to its limited market supply. 

Nayib Bukele’s bullish Bitcoin prediction

Bukele in his latest tweet emphasized the concept of Bitcoin’s limited supply of 21 million. He further stressed the scarcity factor of Bitcoin and stated that there are more than 50 million millionaires in the world and there is not enough Bitcoin for each of them if they ever decide to own just one Bitcoin.

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“There are more than 50 million millionaires in the world. Imagine when each one of them decides they should own at least ONE #Bitcoin.

But there will ever be only 21 million Bitcoin. Not enough for even half of them.”

Bukele’s bullish prediction has come amidst IMF’s report that asserted that El Salvador should drop Bitcoin’s status as legal tender. The report published by the International Monetary Fund states that El Salvador’s decision to promote Bitcoin as legal tender may project certain risks related to the country’s financial stability and consumer protection. 

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Bukele is known to have been an ardent proponent of Bitcoin. The El Salvadoran president’s bullish tweet asserting the dominance of Bitcoin in the future portrays his positive stance towards Bitcoin despite its recent price decline. 

Moreover, El Salvador has recently “brought the dip” by adding 420 new Bitcoins to its country’s reserve when the market price of BTC was hovering over $52K, taking the total tally of the nation’s Bitcoin stash to 1500. 

El Salvador became the first country to promote Bitcoin as a legal tender in 2021. The country since then has extensively integrated Bitcoin into its financial ecosystem by introducing Bitcoin ATMs and requiring businesses to accept payments in cryptocurrencies.

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