For Bitcoin Salvadoran President Anticipated “Gigantic Price Increase For Bitcoin Is Just A Matter Of Time”. As well he said that the amount of bitcoin (BTC) is not sufficient for the 50 Million millionaires of the world if every single millionaire wishes to have one Bitcoin.
Further, the Salvadoran president made another optimistic forecast about bitcoin just after the International Monetary Fund (IMF) had urged his government. To eliminate bitcoin’s present position as legal tender from his country.
On Monday, Salvadoran president, Nayib Beukel via his Twitter posted some predictions about bitcoin. He anticipated that bitcoin will experience eventually a “Gigantic Increase,” as there is only a limited supply of only 21 million digital coins
.The Slavdron President through his tweet referred to Bitcoin’s scarcity scenario. He stresses that there are more than 50 million millionaires, and there is not an ample amount of Bitcoin if every one of them wanted to have 1 BTC. He stated:
“Not enough for even half of them. A gigantic price increase is just a matter of time,”
Tweets By Salvadoran President That Anticipated Gigantic Increase Value Of Bicoin :
There are more than 50 million millionaires in the world.
Imagine when each one of them decides they should own at least ONE #Bitcoin
But there will ever be only 21 million #Bitcoin
No enough for even half of them.
A gigantic price increase is just a matter of time.
— Nayib Bukele (@nayibbukele) January 31, 2022
Why International Monetary Funds Wants El Salvador to Eliminate Its Bitcoin Legal Tender?
Salvadoran President shared his comments presently just after the International monetary fund(IMF) had urged Salvador to finish its recognition of Bitcoin as legal tender. Additionally, IMF wants this due to the reason that attaches to digital assets that are financial volatility, and user’s security. As per recent updates by Coingecko, the IMF’s report exhibited a sharp bitcoin fall, along with it, bitcoin dropped its worth nearly $10,000 from Jan.20 to 25.
Along with it, El Salvador continuously fulfilling its Bitcoin reserves, despite the massive bitcoin crash that results in major dollar nominated losses to El Salvador’s bitcoin reserves.
According to the previous records, Salvadoran completed its first bitcoin buying on 6th Sept, the trading price of bitcoin at that time was nearly $52,000. Then the government move a step forward and bought 410 bitcoin On the 27th. Oct., when bitcoin market worth was above $58,000. Recently El Salvador announced the cheapest acquisition of 420 bitcoin as well. And not stopping from adding more and more bitcoins.
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The News Source is Cointelegraph.
Disclaimer: We are not experts or financial advisors. Kindly, take your decisions at your own risk.