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El Salvador’s President Predicts Bitcoin Will Experience a ’Gigantic Price Increase’
Despite a recent halt in price activity, El Salvador's President, Nayib Bukele, is bullish on Bitcoin BTC. Bitcoin was trading at $37,227 at the time of publication, down 1.96 percent in the last 24 hours. Bitcoin is currently 45.89 percent lower than its all-time high of $69,000.
Bukele said on Monday that Bitcoin (BTC) will eventually see a "gigantic price surge" due to the digital currency's restricted quantity of only 21 million coins.
The president noted Bitcoin's scarcity, noting that the globe had "more than 50 million millionaires," and there is insufficient Bitcoin to go around if each of them desired to hold at least one BTC.
"Not even half of them will fit. A massive price hike is inevitable," Bukele wrote.
There are around 50 million millionaires worldwide.
Consider when everyone of them decides to acquire at least ONE Bitcoin, but there will never be more than 21 million Bitcoin.
Not even half of them will fit.
A massive price hike is inevitable.
El Salvador's President, Nayib Bukele, made some Bitcoin-related forecasts on Twitter earlier this year. Bukele expects that at least two additional countries will follow El Salvador's lead and legalise BTC, forecasting a top asset price of $100,000.
El Salvador has added 410 Bitcoin for $15 million to its cache of at least 1,801 BTC—worth around $67 million at the current market rate.
El Salvador's Bitcoin reserves have suffered significant dollar-denominated losses as a result of the recent Bitcoin crash. On Sept. 6, when Bitcoin was trading at around $52,000, the Salvadoran government made its first purchase of 200 BTC. On Oct. 27, when Bitcoin's market price was above $58,000, the government purchased 420 BTC. El Salvador later purchased some Bitcoin at a price of roughly $54,000 in November and further BTC at a price of $49,000 in mid-December.
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By Crypto PiratesDespite a recent halt in price activity, El Salvador's President, Nayib Bukele, is bullish on Bitcoin BTC. Bitcoin was trading at $37,227 at the time of publication, down 1.96 percent in the last 24 hours. Bitcoin is currently 45.89 percent lower than its all-time high of $69,000.
Bukele said on Monday that Bitcoin (BTC) will eventually see a "gigantic price surge" due to the digital currency's restricted quantity of only 21 million coins.
The president noted Bitcoin's scarcity, noting that the globe had "more than 50 million millionaires," and there is insufficient Bitcoin to go around if each of them desired to hold at least one BTC.
"Not even half of them will fit. A massive price hike is inevitable," Bukele wrote.
There are around 50 million millionaires worldwide.
Consider when everyone of them decides to acquire at least ONE Bitcoin, but there will never be more than 21 million Bitcoin.
Not even half of them will fit.
A massive price hike is inevitable.
El Salvador's President, Nayib Bukele, made some Bitcoin-related forecasts on Twitter earlier this year. Bukele expects that at least two additional countries will follow El Salvador's lead and legalise BTC, forecasting a top asset price of $100,000.
El Salvador has added 410 Bitcoin for $15 million to its cache of at least 1,801 BTC—worth around $67 million at the current market rate.
El Salvador's Bitcoin reserves have suffered significant dollar-denominated losses as a result of the recent Bitcoin crash. On Sept. 6, when Bitcoin was trading at around $52,000, the Salvadoran government made its first purchase of 200 BTC. On Oct. 27, when Bitcoin's market price was above $58,000, the government purchased 420 BTC. El Salvador later purchased some Bitcoin at a price of roughly $54,000 in November and further BTC at a price of $49,000 in mid-December.
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