The gigantic rise in the price of Bitcoin is only a matter of time

Salvadoran President Nayib Bukele is going all bullish on Bitcoin, despite a recent lull in price action. At the time of publication, Bitcoin is trading at $ 37.227, down 1,96% in the past 24 hours. At current prices, Bitcoin is down 45,89% from an all-time high of $ 69.000.

A very social president

Nayib Bukele, in his latest Twitter feed, says that a giant increase in Bitcoin's price is only a matter of time due to its limited supply of 21 million. He explains that the supply of 21 million Bitcoins will not be enough for even half of the more than 50 million millionaires in the world. This seems to imply that demand may outstrip supply, thereby pushing prices up.

Mike McGlone, Bloomberg's Senior Strategist, also sees an increase in demand and a decline in supply that will soon result in a massive increase in Bitcoin and Ethereum prices.

Earlier this year, El Salvador President Nayib Bukele released some Bitcoin-related predictions on Twitter. Bukele expects at least two other countries to follow El Salvador's lead and make BTC legal tender, with a $ 100.000 price tag for the flagship asset.

Amidst the latest price drops in January, El Salvador recently added 410 Bitcoin worth $ 15 million to its stash of at least 1.801 BTC - valued at around $ 67 million at the current exchange rate.

El Salvador's Bitcoin journey

El Salvador became the first country to recognize Bitcoin as a fiat currency in September 2021, introducing Bitcoin ATMs and requiring companies to accept cryptocurrency. El Salvador's adoption of Bitcoin as fiat money sparked significant condemnation, even if it made Bukele a crypto hero.

As previously reported, Nobel laureate Nouriel Roubini doubled down on his criticism of El Salvador President Nayib Bukele, saying the latter deserves to be impeached for "bankrupting" the country with his Bitcoin gambling.

Previously, financial services firm Moody downgraded El Salvador's sovereign credit rating due to concerns that the country's bold Bitcoin gamble could prevent it from securing a much needed $ 1,3 billion loan from the International Monetary Fund. (IMF).