The El Salvador “Bitcoin President” is back in the news yet again. The pro-crypto leader has predicted that the premier digital currency was in for a massive price increase soon. He made these comments in a latest tweet on the popular microblogging platform.
El Salvador, in 2021 became the first country in the world to declare Bitcoin as a legal tender. The move came after several months of considerations within the top government echelons in the country. In the end, despite warnings from the International Monetary Fund (IMF) and other legacy banking institutions, the country continued on with its move to adopt cryptocurrency as a legal tender. There was thus nothing stopping the El Salvador Bitcoin juggernaut.
The main driving force behind this move was the current president Nayib Bukele. He became the face of El Salvador Bitcoin adoption by established governments and is sticking to his decision. While there were certainly real problems during the rollout including a faulty wallet launch and some opposition from the El Salvadoran community, the move is being rigorously pursued by the government and there are no indications of reversing.
Recently, Bukele tweeted through his official Twitter handle:
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
Theoretically, yes as the number of millionaires around the world is increasing at a fast pace and if they decide to own at least one Bitcoin, it will definitely appreciate the price index. However, his prediction is not based on the current market situation or any kind of analysis. It is just him expressing his optimistic view in the hope that it might create the bullish spark needed in the market.
However, that is easier said than done. Bitcoin is on a downward spiral and recently revisited 7-month lows of $32.9k. The cryptocurrency has just had the worst January since 2018 and the 2 months have been the ones to forget. While some elements still believe that a blow-off top price gain like Bukele here is expecting might happen but it isn’t likely to happen any time soon, that’s for sure as bears maintain a lot of control over the proceedings.
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