The global crypto market has dropped to $1.67 trillion following a downturn affecting bitcoin and the rest of the crypto assets. Although the downtrend is not over yet, bitcoin evangelists remain optimistic about the future.
El Salvador president Nayib Bukele recently took to Twitter to explain why the flagship cryptocurrency is due for a “gigantic price increase”. Bukele noted that the world has over 50 million millionaires while there are only 21 million Bitcoins. If all the millionaires decided to each own at least one bitcoin, there would not be enough coins for all of them. This would subsequently trigger a parabolic price surge.
Bukele’s bitcoin venture has been mired in controversy in recent weeks and months. The IMF, for instance, is convinced that the adoption of the benchmark cryptocurrency is a big problem for El Salvador as it “entails large risks for financial and market integrity, financial stability, and consumer protection.” In its latest warning, the IMF once again asked the Central American nation to drop bitcoin as legal tender.