Bitcoin’s “Gigantic Price Increase” Just A Matter of Time Says El Salvador President

Although Bitcoin has corrected 50% from its all-time high levels, its fans and ardent supporters continue to put more faith in the cryptocurrency.

El Salvador President Nayib Bukele puts up one more message explaining how millionaires across the world will soon chip into buying bitcoin and there won’t be enough coins for everyone ultimately leading to a price surge. In his recent tweet, Bukele writes:

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.

El Salvador President Nayib Bukele has been under pressure amid the recent Bitcoin price correction. His continuous Bitcoin purchases through the country’s treasury have been called out by some big institutions like IMF.

Last week, the International Monetary fund (IMF) once again requested El Salvador to cancel Bitcoin as a legal tender. however, Bukele’s today’s tweet shows that he’s in no mood to give up on repeated requests from the IMF.

Interestingly, more countries and jurisdictions are interested in following El Salvador. In fact, the U.S. State of Arizona is also planning to make Bitcoin a legal tender very soon. Crypto analyst Lark Davis Says that this could be a very big deal if Arizona manages to convince the regulators. He writes:

IF Arizona succeeds in making #bitcoin legal tender then it is a VERY big deal! It has around the same population as El Salvador, but it has more than 10X the GDP. PLUS the implications of BTC being legal tender in a US state would be HUGE! Don’t expect it to be easy. 

Right Time to Buy Bitcoin?

With Bitcoin correcting so much, it continues to trade in the range between $36,000-$38,000. Popular trader Peter Brandt believes that this could be the right time to buy Bitcoin.