Presidential Predictions: Bukele’s Bitcoin Vision
El Salvador’s President Nayib Bukele is at it again, boldly predicting a huge rebound for Bitcoin (BTC). This comes right after the International Monetary Fund (IMF) recommended that El Salvador reverse its decision to recognize Bitcoin as legal tender. Talk about a plot twist!
The Scarcity Argument
Bukele believes Bitcoin’s limited supply of 21 million coins is the golden ticket to skyrocketing prices. With over 50 million millionaires globally, he argues that if only half of them want to invest in even one Bitcoin, the demand will far exceed the supply.
- Quote from Bukele: “A gigantic price increase is just a matter of time.”
The IMF’s Warning
On the other side of the coin (pun intended), the IMF has serious reservations. They caution that Bitcoin poses risks to financial stability and consumer protection. After a sharp price drop of around $10,000 in just five days, their concerns don’t feel out of place.
El Salvador’s Bitcoin Calculations
It hasn’t been smooth sailing for El Salvador’s Bitcoin investments, either. The country’s investment strategy has caused quite the stir, with significant dollar losses tied to their Bitcoin reserves.
- Initial purchase: 200 BTC at around $52,000
- Second purchase: 420 BTC above $58,000
- Further investments at near $54,000 and $49,000
At the time of this writing, BTC is hovering around $37,159, a stark contrast to its peak above $68,000 last November. What a rollercoaster ride!
Looking Ahead
As Bitcoin enthusiasts cling to their digital coins, it’s clear that the conversation surrounding Bitcoin in El Salvador is anything but over. With Bukele’s unwavering optimism and the IMF’s cautious disapproval, the drama continues. Will Bitcoin find its way back to glory? Stay tuned!
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