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

Salvadoran President Nayib Bukele is pointing out how limited Bitcoin's BTC/USD supply really is, suggesting that it will inevitably lead to a drastic increase in its price over time.

What Happened: In a Monday tweet, Bukele wrote that there are 50 million millionaires in the world, while there will only ever be 21 million Bitcoin — which is not "enough for even half of them." For this reason, he concluded that "a gigantic price increase is just a matter of time."

See Also: CAN BITCOIN REACH $100,000 IN 2022?

Bukele's remarks closely follow a warning by the International Monetary Fund to El Salvador to drop Bitcoin's adoption as a legal tender since it could pose many long-term side effects — low financial stability, risks to market integrity and creating liabilities — for the people of the nation.

The tweet most probably shows that the warning clearly has not worked as intended and the government is still convinced of its decision to integrate Bitcoin into its economy.

BTC Price Action: Bitcoin is trading at $38,440 after seeing its price increase by about 2.3% over the last 24 hours.