Friday, March 24

President of El Salvador, Nayib Bukele, explains why he believes that the price of Bitcoin will increase a lot – DiarioBitcoin

For DailyBitcoin Editor

The president of El Salvador, Nayib Bukele, firmly believes that the “giant increase in the price of Bitcoin” is only a matter of time.


The president of El Salvador, Nayib Bukele, is one of the most staunch defenders of Bitcoin. Not only because it promoted the Central American nation to be the first country in the world to make Bitcoin legal tender or because you have bought with money from the nation more than 1,500 BTC in a matter of six months or less. Also, because he constantly refers to cryptocurrency by Twitter.

In early 2022, he said he would hit $100,000 this year. Now he explains why he is so convinced of the rise, despite the current bear market.

According to Bukele, the main cryptocurrency is coming “giant price increase”. His argument is that there are more than 50 million millionaires in the world, while there are only 21 million bitcoins. If all millionaires decided to each own at least one Bitcoin, there wouldn’t be enough coins for all of them. Of course, in his opinion, this competition (ie, greater demand than supply) would trigger a huge increase in prices.

This is his tweet:

“There are more than 50 million millionaires in the world.

Imagine when each of them decides that they must own at least ONE Bitcoin

But there will always be only 21 million Bitcoin

Not enough for half of them.

A gigantic price increase is only a matter of time.”

It is worth noting that despite Bukele’s efforts, criticism of the investment made by El Salvador in Bitcoin They have come from different sources. For example, an international organization such as the International Monetary Fund, IMF, is convinced that the adoption of cryptocurrency is a big problem for El Salvador, since “involves major risks to market and financial integrity, financial stability, and consumer protection.” A few days ago, the agency asked the country to stop considering it legal tender.

Bitcoin is currently priced at about $37,000, according to Cryptomarkets; much lower than the price at which El Salvador bought most of the bitcoins that you currently own.

Sources: Twitter, archive, Zycrypto

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.