El Salvador president explains how Bitcoin will gain gigantic price

El Salvador president explains how Bitcoin will gain gigantic price 2

Nayib Bukele explained how Bitcoin will grab more surge in its price. 

Bitcoin completed its 13 years of age in January 2022. But still, this crypto Industry is in its initial phase. The majority of the people don’t believe that Bitcoin and crypto are known to the world to a small population and also the whole crypto industry is in the initial stage of development, where crypto regulation works are active. 

On 31 January, Nayib Bukele, president of El Salvador, explained how Bitcoin is still in a very essential phase and we are early adopters of the Bitcoin and crypto industry. 

Nayib wrote on Twitter that there is a 21 million limited supply of Bitcoin in the blockchain network and there are 50 million millionaires. And if each of them will try to buy one Bitcoin then it will result in a significant pump in the price of Bitcoin. 

Through the latest tweet, Nayib hinted that every millionaire can’t own at least one Bitcoin because supply is limited and already huge amounts of Bitcoin was lost in the network because of users’ inaccessibility of private keys. So around 18 million Bitcoins may exist in reality, that can be owned. 

This tweet of Nayib is surely giving a very big hope to its citizens and Bitcoin believers that Bitcoin is in its initial stage and what will happen if the whole world will move toward more Bitcoin adoption.

El Salvador facing backlash because of a correction in Bitcoin price 

With the initiative of Nayib Bukele, El Salvador became the first-ever country in the world, which adopted Bitcoin as currency. 

Right now El Salvador is holding 1,801 Bitcoins. Due to the recent significant correction in the price of Bitcoin, many economic experts criticized El Salvador and its president for investing in Bitcoin. 

Through the tweet, Nayib confirmed that he is only talking about the millionaires, not about the non-millionaires and billionaires of this world.

Read also: We will be speaking more completely on crypto but keep patient: Kenya