El Salvador's President Predicts 'Gigantic Price Increase' For Bitcoin

The president of El Salvador, Nayib Bukele is going all bullish on Bitcoin (CRYPTO: BTC) despite a recent lull in price action. At the time of publication, Bitcoin was trading at $37,227, down 1.96% in the last 24 hours. At present prices, Bitcoin is down 45.89% from all-time highs of $69,000.

Bukele took to Twitter on Monday to predict that Bitcoin (BTC) will ultimately see a “gigantic price increase” due to its limited supply of only 21 million digital coins.

The president cited Bitcoin's scarcity case, emphasizing there are “more than 50 million millionaires” in the world, and there is not enough Bitcoin if each one of them wanted to own at least one BTC.

“No enough for even half of them. A gigantic price increase is just a matter of time,” Bukele wrote.

There are more than 50 million millionaires in the world.Imagine when each one of them decides they should own at least ONE #BitcoinBut there will ever be only 21 million #BitcoinNo enough for even half of them.A gigantic price increase is just a matter of time.

— Nayib Bukele � (@nayibbukele) January 31, 2022

At the start of the year, El Salvador's President, Nayib Bukele, issued some Bitcoin-related predictions on Twitter. Bukele anticipates that at least two other countries will follow El Salvador's lead and make BTC legal tender while predicting a $100,000 price for the top asset.

Amid the latest price declines in January, El Salvador recently added 410 Bitcoin for $15 million to its stash of at least 1,801 BTC—valued at about $67 million at the current exchange rate.

The latest Bitcoin crash caused major dollar-nominated losses to El Salvador’s Bitcoin reserves. The Salvadoran government made its first 200 BTC purchase on Sept. 6, when BTC traded around $52,000. The government then bought 420 BTC on Oct. 27 when Bitcoin’s market price was above $58,000. El Salvador also later bought some Bitcoin at around $54,000 in November and more BTC at $49,000 in mid-December.