The President of El Salvador, Nayib Bukele, predicts that bitcoin will make a comeback with a ‘gigantic price increase’. This news comes in the midst of the IMF (International Monetary Fund) anti-crypto plea towards El Salvador to abolish bitcoin as legal tender.
Moreover, the President states via Twitter, that the limited supply of 21 million bitcoin as the number one reason why he expects the number one digital coin to make a big comeback in 2022. And according to President Bukele, that is especially evident if we compare it to the number of millionaires in the world.
In particular, President Bukele states that if every one of the 50 million millionaires decides to purchase a bitcoin, there won’t be enough to satisfy the demand for even half. And that due to this situation, ‘a gigantic price increase’ is imminent.
Furthermore, this announcement by the President is definitely an attempt to put the nation’s mind at ease, especially after the January crash of bitcoin. Interestingly, despite the huge crash and the big effect on El Salvador’s bitcoin reserves, the government purchased an additional batch of bitcoin.
As a result, the IMF warned El Salvador to immediately change the status of the legal tender for bitcoin, in order to maintain financial stability and user safety guidelines.
However, despite the IMF urging El Salvador to abandon this crypto project, President Bukele still predicts that bitcoin will make a big comeback in 2022. It only takes one look at the bitcoin purchase history of El Salvador, and it is evident that the country is ‘hunting’ bitcoin at a rather aggressive rate.
InBitcoin
InBitcoin
