Wednesday, February 21

The reason why Bukele expects a “giant jump” in the price of bitcoin

The president of El Salvador, Nayib B Watch, has once again given an encouraging forecast about the future of bitcoin (BTC). The Central American president believes that the wealthiest people in the world will want to add bitcoins to their investment portfolios and the total supply of BTC (21 million units) will not be able to satisfy everyone. This gap between supply and demand, according to Bukele, will take the price of BTC to the moon.

“There are more than 50 million millionaires in the world. Imagine when each of them decides that they must own at least 1 BTC. But there will always be only 21 million. It’s not enough for half of them.”explained Watch. And I add: A gigantic price increase is only a matter of time.

In the middle of a rather dark period for BTC – which is struggling to recover after having corrected by almost 50% from its all-time high -, critics were quick to show up. Legendary gold investor Peter Schiff was the first, who questioned Bukele’s message and predicted a dire future for BTC.

Read more: ► Nayib Bukele: “The price of Bitcoin will reach USD 100K in 2022”

“Millionaires who already own Bitcoin are much more likely to sell! ¡A gigantic collapse of prices is coming!, released Schiff, who already has a historic discussion with crypto leaders on social networks.

Bukele’s bullish forecast comes in the midst of a dispute with the International Monetary Fund (IMF), which a few days ago urged the Salvadoran state to repeal the law that converts BTC into legal tender. The request came after the collapse of prices experienced at the beginning of the year, which lowered the real value of the BTC reserves that the Central American country has.

 

Keep reading:

► The three countries that could adopt bitcoin as legal tender in 2022

► Mexico will launch its digital currency in 2024

► Bukele defends the Bitcoin Law against criticism from the Bank of England

 

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