Salvadoran president expects an epic Bitcoin price increment

Bitcoin price has witnessed one of its worst January this year. The asset that recorded an all time high near the level of $69k, has lost more than half of its value and dipped to as low as $33k in January 2022. Still, many are yet bullish on the cryptocurrency and have acquired ,pre of the assets following the dip. Meanwhile, Nayib Bukele, the president of El Salvador, is expecting that Bitcoiners are going to see a gigantic BTC price uptrend in the near future. On TWitter, the Salvadoran president underscored that the flagship crypto coin is due for massive price increase.

21 million BTC and 50 million millionaires

The Salvadoran president has recently noted that currently in the world there are about 50 million millionaires. In contrast, the total supply cap of the leading cryptocurrency is set to 21 million only.

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If all the millionaires globally decide to each own at least one coin, there won’t be enough BTC for each of them. Notably, such scarce nature of the coin designed by Satoshi Nakamoto would help trigger a parabolic surge in its price.

Bitcoin price volatility cannot stop Bukele

Nayib Bukele has faced a mired controversy over the last few months since he embraced BTC. The International Monetary Fund (IMF) is convinced that the adoption of Bitcoin is a massive concern for El Salvador due to price volatility. The IMF highlighted that BTC entails large risks for financial and market integrity, financial stability, and consumer protection.

Following the statement, the IMF also warned the nation to drop the benchmark cryptocurrency as legal tender.

However, following the stance of the Salvadoran president, it seems clear that he has no intentions of giving up on his experiment despite repeated warnings. Moreover, He have motivated other nations as well to embrace the asset.

Notably, nations like Paraguay and Venezuela are also looking to legalize the prominent cryptocurrency. Besides, it is also revealed that Arizona has put forward a bill that seeks to make the asset legal tender within the state.

However, for Arizona, it is not an easy task, as cryptocurrency pundits claim that it would be a huge deal for the coin if the bill succeeds. Although Arizona has the same population as El Salvador, it has over ten folds more GDP.

It’s just the beginning of a bullish rally

Last year, the Bitcoin price posted a tremendous rally and achieved several new highs. However, as expected by several optimistic players, the asset failed to hit the benchmark level of $100k. 

However, the rally tapered off since the beginning of this year as the asset saw a sharp dive in the wake of a wild roller coaster ride in the traditional financial market. Still, veteran traders have suggested that this is the perfect time to buy the asset at a discount.