Skip to main content

Salvadoran President Nayib Bukele Expects Bitcoin to Experience a ‘Gigantic Price Increase’

https://motleybloggers.com/wp-content/uploads/2022/01/salvadoran-president-nayib-bukele-expects-bitcoin-to-experience-a-gigantic-price-increase.jpg

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.




The International Monetary Fund (IMF) has recently “urged” the Salvadoran government to drop bitcoin as 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 bitcoin. 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.


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.



Origina post from
https://motleybloggers.com/salvadoran-president-nayib-bukele-expects-bitcoin-to-experience-a-gigantic-price-increase/

Comments

Post a Comment

Popular posts from this blog

NFT Analytics Platform Cryptoslam Raises $9M From Animoca Brands, Mark Cuban, Sound Ventures

https://motleybloggers.com/wp-content/uploads/2022/01/nft-analytics-platform-cryptoslam-raises-9m-from-animoca-brands-mark-cuban-sound-ventures.jpg On Wednesday, the non-fungible token (NFT) data and analytics platform Cryptoslam raised $9 million in a capital funding round led by Animoca Brands. Cryptoslam detailed that Mark Cuban participated in the financing and Ashton Kutcher’s and Guy Oseary’s Sound Ventures joined in as well. Cryptoslam Reveals $9 Million Capital Raise, Animoca Brands Leads Investment Non-fungible tokens (NFTs) have become a big deal and a billion-dollar industry since the boom started last year. On January 5, 2022, the NFT-centric data and analytics platform Cryptoslam revealed the company raised $9 million from strategic investors. According to the announcement, Animoca Brands led Cryptoslam’s capital raise, but Mark Cuban and Sound Ventures also participated. The aforementioned investors have been investing a great deal of funds into NFT pro...
Post a Comment
Read more

Demand for Crypto Experts in India Hikes Remuneration, Vacancies Spike

https://motleybloggers.com/wp-content/uploads/2021/10/demand-for-crypto-experts-in-india-hikes-remuneration-vacancies-spike.jpg A deficit in crypto talent is pushing salaries up in Indian companies engaged with the domestic and global blockchain industry, local media reported quoting data from recent studies. Demand for professionals in the field has been growing rapidly in the past year. Crypto Experience Can Bring up to $100,000 in Annual Salary Indian IT companies providing services to global clients, fintech startups, and consulting firms have been competing for specialists with experience in crypto technologies, resulting in what the Economic Times describes as a war of wages. A report by the business daily indicates that demand for this type of talent has increased significantly over the last months. The number of active job openings this month, the newspaper wrote on Wednesday, stands at over 12,000 which represents a 50% increase since last year. The quoted numbers come from th...
Post a Comment
Read more

SmartKey Shows There Is Real Value and Utility in NFT Tokens

NFT tokens are taking over the investment scene these days, with unbelievable valuations and all kinds of brands and major artists rushing in. On the technology side SmartKey shows that NFT tokens can be used for more than just speculation, bringing real value and utility to the world. The project is now listed on KuCoin, with support for trading SKEY starting on March 19, 2021. SmartKey Brings Blockchain Technology to Real Life SmartKey is a platform that connects the DeFi revolution with real world objects. Unlike so many projects in the field that promise a lot but have nothing real to show for it, SmartKey has working blockchain technology that is already being used not only by companies but also by government emergency services to save lives. Last year it made headlines around the world when the city of Olsztyn in Poland used blockchain technology to streamline its fire, ambulance and police teams, reducing critical response times – using SmartKey. The advanced technologie...
Post a Comment
Read more