El Salvador’s Bukele: Bitcoin Will Witness “a Gigantic Price Increase” Soon

Say what you will about Bitcoin; Nayib Bukele isn’t changing his mind on the future value of the digital asset. The El Salvador President has said that “a gigantic price increase” is just a matter of time.

Bukele Remains Bullish About Bitcoin

According to him, there are more millionaires than Bitcoin globally. This means that not even half of the world’s millionaire population can be able to buy 1 BTC. Over 80% of the coin has been mined, reducing the number of those who could possibly own the asset.

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

The analogy used by Bukele isn’t new. Many Bitcoin advocates have used it in the past to convince skeptics that the crypto king will be much more valuable in the future. While not everyone agrees that there’ll be more demand for Bitcoin in the future, it does make for an interesting scenario.

On his part, this won’t be Bukele’s first prediction about Bitcoin’s growth or potential.

On the first day of this year, the self-styled CEO of El Salvador predicted that the coin could reach $100k before the end of this year. He further made some predictions on the continued adoption of the asset.

El Salvador’s Bitcoin Purchases Draw ire of the International Community

The recent price crash of the crypto market was not enough to deter him; instead, he used the opportunity to increase El Salvador’s Bitcoin portfolio by buying 410 units of the coin for $15 million.

This was despite the growing pressures on El Salvador’s foreign debts and calls for his impeachment.

Since the El Salvadoran government made Bitcoin a legal tender against the advice and warnings of international bodies like the International Monetary Fund (IMF), Bukele has been at loggerheads with the global economic community on his handling of the country’s economy. 

Financial intelligence firm Moody’s also downgraded the country’s credit rating. This makes it almost impossible to get the $1.3 billion loans it urgently needs from IMF and might affect its ability to repay its debts.

Despite the growing criticisms about his policies and authoritarian tendencies, Bukele remains committed to his Bitcoin goals. The government already has plans to build a city financed with Bitcoin bonds.