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El Salvador’s President claims that Bitcoin’s “colossal price increase” is only a matter of time

Despite the fact that Bitcoin has dropped 50% from its all-time highs, its enthusiasts and fervent advocates continue to believe in the cryptocurrency.

El Salvador’s President, Nayib Bukele, sends out another letter, outlining how millionaires from all over the world will soon be buying bitcoin, and there will be insufficient coins for everyone, resulting in a price spike. Bukele states in a recent tweet:

“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.”

President of El Salvador, Nayib Bukele, has been under fire as a result of the recent Bitcoin price drop. Some major agencies, like as the IMF, have criticized his continuing Bitcoin purchases through the country’s treasury.

Surprisingly, more countries and jurisdictions want to follow El Salvador’s lead. In reality, the state of Arizona in the United States is seeking to make Bitcoin legal tender in the near future. According to crypto researcher Lark Davis, if Arizona can persuade the regulators, this might be a huge deal. He says in his letter:

“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. “

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.