El Salvador president predicts ‘gigantic price increase’ for Bitcoin ( $21,096.00 )

Salvadoran President Nayib Bukele made yet another bullish Bitcoin ( $21,096.00 ) (BTC) prediction soon after the International Monetary Fund had urged his government to remove Bitcoin ( $21,096.00 ) ’s status as legal tender.

Bukele took to Twitter on Monday to predict that Bitcoin ( $21,096.00 )  will ultimately see a “gigantic price increase” due to its limited supply of only 21 million digital coins.

The president cited Bitcoin ( $21,096.00 ) ’s scarcity case, emphasizing there are “more than 50 million millionaires” in the world, and there is not enough Bitcoin ( $21,096.00 ) if each one of them wanted to own at least 1 BTC.

“No enough for even half of them. A gigantic price increase is just a matter of time,” Bukele wrote.

There are more than 50 million millionaires in the world.

Imagine when each one of them decides they should own at least ONE # Bitcoin ( $21,096.00 )

But there will ever be only 21 million # Bitcoin ( $21,096.00 )

No enough for even half of them.

A gigantic price increase is just a matter of time.

— Nayib Bukele (@nayibbukele) January 31, 2022

Bukele’s comments came shortly after the International Monetary Fund (IMF) had urged El Salvador to end its recognition of Bitcoin ( $21,096.00 ) as legal tender due to risks related to financial stability and consumer protection. The IMF’s report followed a sharp Bitcoin ( $21,096.00 ) price decline, with BTC losing about $10,000 of its value in a period from Jan. 20 to Jan. 25, according to data from CoinGecko.

Bitcoin ( $21,096.00 ) 30-day price chart. Source: CoinGecko

The latest Bitcoin ( $21,096.00 ) crash caused major dollar-nominated losses to El Salvador’s Bitcoin ( $21,096.00 ) reserves. As previously reported by Cointelegraph, the Salvadoran government made its first 200-BTC purchase on Sept. 6, when BTC traded around $52,000. The government then bought 420 BTC on Oct. 27 when Bitcoin ( $21,096.00 ) ’s market price was above $58,000. El Salvador also later bought some Bitcoin ( $21,096.00 ) at around $54,000 in November and more BTC at $49,000 in mid-December.

At the time of writing, BTC is trading at $37,159, down about 45% from its historical highs of above $68,000 recorded on Nov. 9.


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