El Salvador’s president, Nayib Bukele, believes that it’s just a matter of time before bitcoin sees a “gigantic price increase.” Bukele stressed on Twitter that bitcoin is extremely scarce and there’s not enough bitcoin in the world for all today’s millionaires.
Salvadoran President Says Best Time to Buy Bitcoin ‘Is When the Price Is Down’ as IMF Warns Nayib Bukele’s Government
Bitcoin.com – The Salvadoran bureaucrat, businessman, and the 43rd president of El Salvador, Nayib Bukele, is a big believer in the value of bitcoin (BTC). El Salvador and Bukele’s government are well known for codifying bitcoin as legal tender in June 2021. On September 7, 2021, the price of BTC dive-bombed, so Bukele decided to buy the dip and add it to El Salvador’s growing stash of bitcoins. Bukele and El Salvador have been purchasing BTC on a regular basis during another pandemic scare, and in the midst of even more bitcoin price dips.
Bukele has said that when the price of BTC is down, it’s the best time to stock up on the scarce crypto asset. “Most people go in when the price is up,” Bukele recently tweeted. “But the safest and most profitable moment to buy is when the price is down. It’s not rocket science. So invest a piece of your McDonald’s paycheck in bitcoin,” the Salvadoran president added.
The International Monetary Fund (IMF) has recently “urged” the Salvadoran government to drop bitcoin as legal tender. Following the warning, the IMF then published a 114-page report on the subject of El Salvador adopting bitcoin and said the costs exceed the benefits. Salvadoran president Bukele responded to the IMF with an animated GIF from an episode of “The Simpsons.” Bukele has also met with Turkey’s President Tayyip Erdoğan and the Salvadoran leader allegedly discussed the benefits of bitcoin.
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Captain Crypto Punish has been working in online media since 2004. He is a writer, music producer, life coach and investor.