El Salvador President Nayib Bukele tweets out one more message describing how billionaires throughout the world will soon pitch into buying bitcoin, and there won’t be enough coins for everyone, finally resulting in a price spike.
From an all-time high, Bitcoin has dropped to almost 50 percent. But its admirers and fervent advocates continue to put greater trust in the cryptocurrency. In his recent tweet, Bukele writes:
El Salvador’s never ending love for Bitcoin
Even when the market was dipping, Nayib accumulated BTC into his treasury. El Salvador holds at least 1,801 bitcoins. Even though he keeps on getting backslashes, he seems steady on his stand with BTC. International Monetary Fund (IMF) urged El Salvador to remove bitcoin as a legal tender. He responded with a meme GIF.
El Salvador’s history with bitcoin
The Bitcoin Law was enacted by the Legislative Assembly of El Salvador on 8 June 2021, granting the cryptocurrency bitcoin the status of legal tender inside El Salvador after 7 September 2021. Since at least 2019, bitcoin use as a currency in El Salvador was tried. Current president Bukele professed interest in bitcoin while he was mayor of San Salvador in 2017.
Bloomberg News revealed in June 2021 that Bukele and several members of the Nuevas Ideas party had possessed Bitcoin for years. Interestingly, more nations and jurisdictions are interested in following El Salvador. The U.S. State of Arizona intends to make Bitcoin legal money very soon. Famous crypto analyst Lark Davis tweets that this might be a massive deal if Arizona successfully convinced the regulators.
Bear market continues
Famous trader Peter Brandt recently hinted with a tweet that this might be the right time to buy BTC. According to CoinMarketCap, BTC is currently trading at $36,999 with a 24-hour trading volume of $17,255,268,085 during the time of writing. It still continues to trade in $36,000-$38,000 range.
Whale alerts bring to our notice that some whales are still accumulating BTC and other cryptos during the dip. In contrast, sceptics beat around the bush, thinking whether it’s the right time to buy or not. The right time to buy is when there is blood on the streets. It’s hard to ignore Nayib’s words that with the increased demand, the price of BTC is going to soar higher.