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.”
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
No enough for even half of them.
A gigantic price increase is just a matter of time.
– Are You Watching ???????? (@contview) January 31, 2022
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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