El Salvador President Foresees ‘Gigantic Price Increase’ for Bitcoin

| Updated
by Benjamin Godfrey · 3 min read
El Salvador President Foresees ‘Gigantic Price Increase’ for Bitcoin
Photo: Nayib Bukele / Facebook

At present, El Salvador now has about 1,800 Bitcoins which it purchased at an average price of $36,585 per BTC.

There is hardly a Bitcoin (BTC) investor that is more bullish than Nayib Bukele, the president of El Salvador who now foresees massive price growth for the premier digital currency. The vocal politician took to Twitter today to express his trust for Bitcoin, and its inherent potential is borne out of its capped supply.

According to Bukele, there are as many as 50 million millionaires in the world when compared with just 21 million units of Bitcoin. He insinuated that the total Bitcoin, assuming that all of them gets minted, will not even be enough to go around these millionaires should all of them decide to buy up 1 BTC each.

Based on this limiting supply, President Bukele is optimistic that Bitcoin will see a gigantic price move in a matter of time. Per his words, “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.”

Should the “Gigantic Price Increase” materialize as predicted by President Bukele, El Salvador will have a lot to benefit from seeing the country has been accumulating a lot of Bitcoin with public funds at the behest of Bukele. The latest purchase was the 410 BTC units made on January 24 according to an earlier report by Coinspeaker.

At present, El Salvador now has about 1,800 Bitcoins which it purchased at an average price of $36,585 per BTC. While the country is not currently in massive profits as it will wish, any bullish price reversal in Bitcoin from this point outward will be in the favor of the Central American nation.

El Salvador to Benefit More from Bitcoin Growth

What El Salvador has to benefit from the growth of Bitcoin is arguably more than the potential increase in the price of the cryptocurrency. The country adopted Bitcoin as a legal tender back in September last year and has been hinging crucial aspects of its development on the nascent coin.

From the plans to build 20 schools with the proceeds of Bitcoin to the establishment of a veterinary hospital, El Salvador sure has a lot of developmental plans in store which will be reasonably bolstered with the growth of the digital asset.

El Salvador also issued Bitcoin (BTC) bonds with the aim of creating a Bitcoin City that will operate on a major decentralized standard to bring financial inclusion to the city. The growth of Bitcoin is a precursor to most of these developmental plans, and should Bitcoin grow to new price highs, the country will have enough liquidity to make good on its scheduled goals.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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