President Nayib Bukele takes a dig at Steve Hanke
President Nayib Bukele takes a dig at Steve Hanke

Beginners in the crypto markets are having a hard time making informed and educated decisisons on whether they should start investing after most coins have taken a deep dive over the last weeks and months. Together with other coins Bitcoin has corrected 50% from its all-time high levels. However there are punters who continue to put more faith  in crypto currencies. One of the avid supporters is El Salvador President Nayib Bukele. He’s put out a message explaining how millionaires across the world will soon chip into buying bitcoin and there won’t be enough coins for everyone ultimately leading to a price surge. In his recent tweet, Bukele writes:

There are more than 50 million millionaires in the world. Imagine when each one of them decides they should own at least ONE Bitcoin. But there will ever be only 21 million Bitcoin. No enough for even half of them. A gigantic price increase is just a matter of time.

El Salvador President Nayib Bukele has been under pressure amid the recent Bitcoin price correction. His continuous Bitcoin purchases through the country’s treasury have been called out by some big institutions like IMF.

Last week, the International Monetary fund (IMF) once again requested El Salvador to cancel Bitcoin as a legal tender. however, Bukele’s today’s tweet shows that he’s in no mood to give up on repeated requests from the IMF.

Interestingly, more countries and jurisdictions are interested in following El Salvador. In fact, the U.S. State of Arizona is also planning to make Bitcoin a legal tender very soon. Crypto analyst Lark Davis Says that this could be a very big deal if Arizona manages to convince the regulators. He writes:

IF Arizona succeeds in making #bitcoin legal tender then it is a VERY big deal! It has around the same population as El Salvador, but it has more than 10X the GDP. PLUS the implications of BTC being legal tender in a US state would be HUGE! Don’t expect it to be easy. 

Right Time to Buy Bitcoin?

With Bitcoin correcting so much, it continues to trade in the range between $36,000-$38,000. Popular trader Peter Brandt believes that this could be the right time to buy Bitcoin.

Disclaimer
Although the material contained in this website was prepared based on information from public and private sources that GalaKnight.com believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and GalaKnight.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.  

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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