El Salvador’s president says Bitcoin price rise is only a matter of time

El Salvador’s President Nayib Bukele said that, due to the limited supply of the first cryptocurrency, the asset’s price rise is only a matter of time.

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.

— Nayib Bukele 🇸🇻 (@nayibbukele) January 31, 2022

“There are more than 50 million millionaires. Imagine that each one of them decided to own at least 1 BTC. But there will be only 21 million BTC — not enough for even half of them,” Bukele wrote.

A user with the handle Dr. Gokhan doubted that all millionaires would simultaneously need the first cryptocurrency, noting that thousands of altcoins exist.

“I am not against Bitcoin and I am an investor in it. But truly wealthy people know that there is only one store of value — land. That is why landowners existed 1000 years ago and will exist 1000 years from now,”

I am not against BTC and I am investor of it. But Real rich people knows that there is only one store of value is Land. Thats the why there were Landlords 1000 years ago, and There will be 1000 years later too.

— Dr. Gokhan (@BE5IKT45) January 31, 2022

“Imagine that each of them decided to buy a Big Mac at the same time. You would pay $100 million for half a burger,” joked another user.

Imagine when each of them tries to buy a Big Mac at the same time, you would have to pay $100 million for half a burger.

— Chamath Palihapitiya’s burner (@ChamathWarriors) January 31, 2022

Among the commentators were some who reminded Bukele of other problems in the country. A user named LA Silva wrote about thousands of Salvadorans infected with the Omicron variant of the coronavirus.

Thank you for the update

But can we worry about the thousands of Salvadorans that have been contracted the omicron virus

Unfortunately those numbers do not show anywhere

— LA Silva 📜🌎🌱 (@Silva__LA) January 31, 2022

On January 22, amid a market correction in cryptocurrencies, the Salvadoran government acquired 410 BTC. According to Bukele, the purchase cost the country $15 million at an average price of $36,585.

On January 24, renowned economist and Bitcoin critic Nouriel Roubini called on the Salvadoran government to impeach the president because of his investment in the first cryptocurrency.

Earlier in January, the IMF’s Executive Board urged El Salvador to abandon Bitcoin as a means of payment and warned about the risks to financial stability.

The IMF expressed concern about El Salvador’s plans to issue Bitcoin bonds worth $1 billion. El Salvador is in talks with the IMF for a loan of $1.3 billion.

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