Salvadoran President Nayib Bukele Expects Bitcoin to Expertise a ‘Gigantic Value Enhance’

Advertisements

El Salvador’s president, Nayib Bukele, believes that it’s just a matter of time before bitcoin sees a “gigantic price increase.” Bukele stressed on Twitter that bitcoin is extremely scarce and there’s not enough bitcoin in the world for all today’s millionaires.

Salvadoran President Says Best Time to Buy Bitcoin ‘Is When the Price Is Down’ as IMF Warns Nayib Bukele’s Government

The Salvadoran bureaucrat, businessman, and the 43rd president of El Salvador, Nayib Bukele, is a big believer in the value of bitcoin (BTC). El Salvador and Bukele’s government are well known for codifying bitcoin as legal tender in June 2021. On September 7, 2021, the price of BTC dive-bombed, so Bukele decided to buy the dip and add it to El Salvador’s growing stash of bitcoins. Bukele and El Salvador have been purchasing BTC on a regular basis during another pandemic scare, and in the midst of even more bitcoin price dips.

Bukele has said that when the price of BTC is down, it’s the best time to stock up on the scarce crypto asset. “Most people go in when the price is up,” Bukele recently tweeted. “But the safest and most profitable moment to buy is when the price is down. It’s not rocket science. So invest a piece of your McDonald’s paycheck in bitcoin,” the Salvadoran president added.

https://t.co/s1F5kwOBEn pic.twitter.com/LD0I2dBHha

— Nayib Bukele 🇸🇻 (@nayibbukele) January 26, 2022

The International Monetary Fund (IMF) has recently “urged” the Salvadoran government to drop bitcoin as a legal tender. Following the warning, the IMF then published a 114-page report on the subject of El Salvador adopting bitcoin, and said the costs exceed the benefits. Salvadoran president Bukele responded to the IMF with an animated GIF from an episode of “The Simpsons.” Bukele has also met with Turkey’s president Tayyip Erdoğan and the Salvadoran leader allegedly discussed the benefits of bitcoin.

Bukele Expects Bitcoin to Experience a ‘Gigantic’ Leap in Value

This week, Bukele has explained that bitcoin (BTC) is very scarce and he expects BTC’s price to see a giant leap in the future. Bukele tweeted:

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 bitcoins. Not enough for even half of them. A gigantic price increase is just a matter of time.

Of course, gold bug and economist Peter Schiff had to throw in his two cents about bitcoin and Bukele’s scarcity statement. “But why buy an entire bitcoin when a single [satoshi] will do the job just as well (which is nothing),” Schiff replied to Bukele’s tweet. “A bitcoin is merely an arbitrary bundle of one hundred million [satoshis]. It’s far more likely that millionaires who already own bitcoin will sell! A gigantic price collapse is coming,” Schiff responded, mocking Bukele.

Tags in this story

bitcoin el salvador, BTC El Salvador, Buy Bitcoin, buy btc, Economist, El Salvador, el salvador bitcoin, El Salvador btc, gigantic price increase, Gold Bug, IMF, International Monetary Fund, Nayib Bukele, Peter Schiff, Price Jump, Price Leap, Salvadoran President, Schiff, Tayyip Erdoğan, The Simpsons, Turkey’s president

What do you think about El Salvador’s bitcoin adoption experiment and Nayib Bukele’s belief that it’s just a matter of time before bitcoin sees a gigantic price increase? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices Bitcoin

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices

The below is a direct excerpt of Marty's Bent Issue #1181: "BIP21 is a...

By wpadminsonic164
There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages Bitcoin

There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages

In recent times, cryptocurrencies that burn tokens have been very popular and a number...

By wpadminsonic164
Bitcoin mining firm Luxor launches ASIC buying and selling desk Bitcoin

Bitcoin mining firm Luxor launches ASIC buying and selling desk

On January 11, 2022, Washington-based bitcoin mining company Luxor announced the launch of a...

By wpadminsonic164
Binance Invests $200 Million Into the Enterprise Journal and Digital Writer Forbes Bitcoin

Binance Invests $200 Million Into the Enterprise Journal and Digital Writer Forbes

Reports indicate that the world's largest cryptocurrency exchange by trade volume, Binance, has announced...

By wpadminsonic164
Mirror Buying and selling Worldwide Bitcoin Ponzi Scheme CEO arrested in Brazil Bitcoin

Mirror Buying and selling Worldwide Bitcoin Ponzi Scheme CEO arrested in Brazil

Johann Steynberg, the wanted CEO of Mirror Trading International, was recently arrested by Brazilian...

By wpadminsonic164
Tesla Hodls Bitcoin: Steadiness Sheet Reveals $1.26B in Digital Belongings Bitcoin

Tesla Hodls Bitcoin: Steadiness Sheet Reveals $1.26B in Digital Belongings

Elon Musk's electric car company, Tesla, is hodling bitcoin. The company's balance sheet shows...

By wpadminsonic164
Fuel DAO venture types for Airdrop tokens to Ethereum customers who’ve spent $ 1,559 in charges Bitcoin

Fuel DAO venture types for Airdrop tokens to Ethereum customers who’ve spent $ 1,559 in charges

A new type of airdrop was very popular in the final quarter of 2021...

By wpadminsonic164
How I outline Bitcoin generational wealth Bitcoin

How I outline Bitcoin generational wealth

Bitcoin Generational Wealth – The PreludeThis article was inspired by another bitcoiner, @chadlupkes, and...

By wpadminsonic164

Latest Posts

Why are whales shopping for the Cardano dip?  – Cardano Feed Cardano

Why are whales shopping for the Cardano dip? – Cardano Feed

Cardano's ecosystem is starting to look lively once again and whales have taken a...

By wpadminsonic164
Ripple(XRP), Cardano(ADA) & Binance Coin(BNB) Goal at 10% Bounce in 24 Hours !  – Cardano Feed Cardano

Ripple(XRP), Cardano(ADA) & Binance Coin(BNB) Goal at 10% Bounce in 24 Hours ! – Cardano Feed

Cardano(ADA) Price AnalysisCardano price broke through the descending channel a couple of days ago...

By wpadminsonic164
Second STATE Token Launch and Declare Occasion Announcement – Medium Polkadot

Second STATE Token Launch and Declare Occasion Announcement – Medium

ParaState is pleased to announce the release of our 2nd tranche of STATE tokens...

By wpadminsonic164
BTC Information – Heineken prevê aumento de preço Videos

BTC Information – Heineken prevê aumento de preço

Painel diário de notícias de negócios e empresas, comentadas e analisadas pela Business Training...

By wpadminsonic164
Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices Bitcoin

Bitcoin Enchancment Proposal 21 Eases Person Expertise When Paying Invoices

The below is a direct excerpt of Marty's Bent Issue #1181: "BIP21 is a...

By wpadminsonic164
Instructions to Research Stablecoins | USDC, USDT, BUSD, PAXOS – Cardano Feed Cardano

Instructions to Research Stablecoins | USDC, USDT, BUSD, PAXOS – Cardano Feed

by Robin Smith May 24, 2022 DeFi videos In the part 1 of 2...

By wpadminsonic164
Kaspars Koskins, CEO of ADALend: “We’re constructing a safe lending platform on Cardano” |  Bitcoinist.com – bitcoinist.com Cardano

Kaspars Koskins, CEO of ADALend: “We’re constructing a safe lending platform on Cardano” | Bitcoinist.com – bitcoinist.com

Launch of the interview series from ADALend CEO Kaspars Koskins, one of the most...

By wpadminsonic164
Bitcoin plunges, and might there be another challenger on the way? Videos

Bitcoin plunges, and might there be another challenger on the way?

Brian Kelly on bitcoin's fall and Powell's comments on digital dollars. With CNBC's Melissa...

By wpadminsonic164