Bitcoin is a limited currency. It is finite and all set to run out someday. While the asset will likely always remain in circulation to some degree, there are only 21 million units of BTC, and about 90 percent of that has already been mined and added to the blockchain. Nayib Bukele – the president of El Salvador – sees this as a good thing.
Nayib Bukele Things Bitcoin Is Going to Shoot Up in Price
While bitcoin may be limited and thus very concentrated in the future, Bukele is enthusiastic about this as he foresees bitcoin – in its rarity – becoming much more expensive and exclusive. He believes the asset is going to experience a major price rise at some point as it becomes less and less available.
In addition, he also feels that the price spike will happen thanks to the growing bitcoin demand we’re witnessing all over the world. In a twitter post, he discussed the world’s bitcoin millionaires:
A gigantic price increase is just a matter of time… Imagine when each one of them decides they should own at least ONE #bitcoin, but there will ever be only 21 million #bitcoin. No[t] enough for even half of them.
While he sees bitcoin experiencing a huge price spike, he did not go into detail regarding how much that spike will be, and he didn’t speculate on a potential price goal for the world’s number one digital currency by market cap.
Bitcoin has been falling from the top of the financial ladder as of late given that the currency is being subjected to certain market factors that are allegedly pulling it down. For example, the Federal Reserve recently announced that it’s planning to raise market rates throughout 2022, and thus people with long-term dreams – such as buying homes and cars – may find themselves unable to qualify.
This is bringing bitcoin lower, and the currency has lost about 40 percent of its value since reaching an all-time high of approximately $68,000 per unit in mid-November of last year. However, there are nations like El Salvador and people like Bukele always there to pick the currency back up.
El Salvador Is at the BTC Forefront
The nation of El Salvador ultimately became the first country to declare bitcoin legal tender, which occurred in September of last year. For the past five months, people could walk into any store or business in the Central American nation and purchase goods and services with BTC along with USD, which is the currency El Salvador has long been dependent on.
The region has experienced heavy resistance from institutions like the International Monetary Fund, which recently issued a warning to El Salvador regarding crypto’s volatility. It has since begged the nation to end its bitcoin agenda and turn its back on digital currency for good, but the country clearly has no intention of doing so.