Bitcoin and cryptocurrency prices have begun to bounce back following a major sell-off through January (possibly helped by some huge price predictions).
The bitcoin price is up almost 10% since this time last week while ethereum and its major rival solana are up around 12% as competition between the two rival chains heats up. The price of Binance’s BNB, Cardano, and XRP have also rebounded but not as strongly.
Now, El Salvador’s president Nayib Bukele, who has spearheaded the country’s radical bitcoin adoption experiment over the last year, has predicted a “gigantic” increase in the bitcoin price—calling it “just a matter of time.”
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El Salvador’s president Nayib Bukele has emerged as one of bitcoin’s most bullish supporters over … [+]
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“There are more than 50 million millionaires in the world,” Bukele said via Twitter, outlining the bull case for bitcoin. “Imagine when each one of them decides they should own at least one bitcoin. But there will ever be only 21 million bitcoin. [Not] enough for even half of them.”
At the turn of the year, Bukele has issued a flurry of bitcoin price predictions for 2022—including that the bitcoin price will more than double to $100,000.
Bitcoin’s scarcity, which will see the number of new bitcoins being created gradually fall until the last bitcoin is “mined” some time in a little over 100 years time, is often cited as a reason the bitcoin price will continue to climb. If demand for bitcoin outpaces supply then that would theoretically push up the…
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