El Salvador president predicts ‘gigantic price increase’ for Bitcoin

Nayib Bukele, Salvadoran President, made another bullish Bitcoin prediction (BTC), shortly after the International Monetary Fund had asked his government to end Bitcoin’s legal status.

Bukele posted on Twitter Monday, predicting that Bitcoin would see a “gigantic” price rise due to the limited supply of 21 million digital coins.

President Trump cited Bitcoin’s scarcity, pointing out that there are more than 50 million millionaires in the world and that there isn’t enough Bitcoin for everyone to have at least one BTC.

“No enough for even half” Bukele said that a huge price rise is only a matter of time.

The world has more than 50 million millionaires. Imagine each one of them deciding to own at least one #Bitcoin. But only 21 million will be enough. It is only a matter time before the price of bitcoins skyrockets.
— Nayib Buukele (@nayibbukele), January 31, 2022

Bukele’s remarks came after the International Monetary Fund had asked El Salvador to stop accepting Bitcoin as legal tender. This was due to concerns about financial stability and consumer protection. According to CoinGecko data, the IMF report came after a sharp decline in Bitcoin prices. BTC lost approximately $10,000 between Jan. 20 and Jan. 25.

Chart of the Bitcoin price over the past 30 days. Source: CoinGecko

El Salvador’s Bitcoin reserves suffered significant dollar-nominated losses after the latest Bitcoin crash. Cointelegraph previously reported that the Salvadoran government purchased its 200-BTC first purchase on September 6, when BTC traded at $52,000. On Oct. 27, when Bitcoin was trading at $58,000, the government bought 420 BTC. El Salvador later purchased Bitcoins at $54,000 in November, and additional BTC at $49,000 mid-December.

BTC trades at $37159 as of the writing of this article, down 45% from Nov. 9’s historical highs of over $68,000.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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