Nayib Bukele: Bitcoin will have “a gigantic increase” in price

Nayib Bukele Bitcoin

The president of El Salvador, Nayib Bukele predicts a rise of Bitcoin:

  • The Salvadoran president is not intimidated by the fall in the price of Bitcoin. In a tweet published last Monday, he predicted a sharp rise in the price of the cryptocurrency due to its scarcity.
  • Just days have passed since the IMF demanded that the Spanish-speaking nation reverse its BTC purchase program due to alleged risks to the country’s financial stability.
  • A gigantic price increase is only a matter of time,” Bukele wrote, referring to the price of the largest cryptocurrency in market capitalization.

After a new round of pressure from the International Monetary Fund (IMF), El Salvador does not seem willing to back down with BTC. In this sense, the president of that country, Nayib Bukele, predicted that the price of Bitcoin will have “a gigantic increase“.

In a text posted on his Twitter account, the president emphasized the quantitative scarcity of this digital currency. The latter, he would be the main long-term price driver. Thus, he joined the chorus of preachers of the pioneering cryptocurrency’s long-term uptrend.

He expressed that this shortage of coins would not allow millionaires to access a Bitcoin when the currency becomes widespread. With this, the Salvadoran president implies that his investment project of national funds in cryptocurrency is long-term.

Why millionaires in the future could not have a Bitcoin according to Bukele?

This Monday, Nayib Bukele highlighted that Bitcoin will have a price rise of enormous proportions. The reason for this, he stressed, is the low existence of units of this digital currency. In the aforementioned tweet he expressed this taking into account the number of millionaires in the world.

« There are more than 50 million millionaires in the world. Imagine that each of them decided that they must have at least 1 #Bitcoin. But there are only 21 million #Bitcoin. Not enough even for half of them. A gigantic price increase is only a matter of time », He wrote.

These written words of the president of the Central American country seem to ignore the already mentioned demands of the IMF. Recently, the financial institution again warned El Salvador to reverse its policy of buying bitcoins and using that asset as legal tender. Consequently, continuing with such a procedure could cause risks to financial stability and consumer protection.

In this way, Nayib Bukele seems to once again challenge international centralized entities and stand firm with the adoption of Bitcoin which, in his opinion, will have a “giant rise” in price.

The fall of Bitcoin and the criticism

Since El Salvador assumed Bitcoin as legal tender last year and began its purchase program for that currency, the price has not favored it. On the contrary, with each fall the figure expressed in dollars of the bitcoins already purchased decreases. The more than evident result is the wave of criticism from all sectors about a supposed “loss of resources” of the nation.

With the most recent fall in the entire crypto market, the president announced a new purchase of $15 million dollars in the aforementioned crypto. However, the price does not seem to rise and meanwhile, the range of criticism is widening. At the same time, it must be taken into account that the application of the so-called Bitcoin Law is not free from arbitrary procedures and antagonistic errors to the consultation and access to information of the population of their country.

Either way, Nayib Bukele has shown no signs of remorse about his policy of working with Bitcoin. Quite the contrary, he continues to bet on the advancement of projects related to cryptocurrency, including the promising Bitcoin City. 

Finally, it must be taken into account that the different Bitcoin purchases by El Salvador were made at prices that are well above the current one. The lowest acquisition was the recent one at $39,000 per coin. The previous three purchases were between 52K, 58K and 54K in temporary order from September 6, 2021.