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El Salvador’s Continued Support for Bitcoin and the President’s Price Prediction

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The Salvadoran President, Nayib Bukele, has been an open supporter of the flagship crypto asset. Bitcoin was accepted as a legal tender in the country, thanks to his efforts and vision. Even though people in the country have had conflicting opinions about adopting crypto king, Nayib Bukele’s plans to promote the use of BTC have not been affected.

According to recent reports, the International Monetary Fund (IMF) urged El Salvador to drop the flagship crypto asset as a legal tender last week. The Central American country has not only denied accepting the demand but the President has also made a price prediction for BTC.

Bitcoin is currently trading at $38,411 (at the time of writing) and has seen a price surge of 3.56% over the last 24 hours. Despite the price fluctuations seen for BTC, El Salvador’s support for the digital asset seems solid.

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President Nayib Bukele’s Price Prediction for Bitcoin

As mentioned earlier, IMF presented a demand to El Salvador in a publication last week, which was to drop Bitcoin’s legal status. The IMF highlighted risks to consumer protection and financial stability in the publication.

However, this demand was met with a response from Alejandro Zelaya, the finance minister in the country who stated that El Salvador will not discontinue its support for Bitcoin. The authorities also emphasized the fact that adopting Bitcoin has helped support financial inclusion for millions of people.

This has not been the only prominent news from El Salvador as President Nayib Bukele has made a price prediction for Bitcoin. Even though the country has seen some recent losses on its BTC investment, Bukele has predicted a “gigantic price increase” for the flagship crypto asset.

Bukele’s reason for the optimism towards BTC is that more wealthy individuals will look to acquire it in the future and since the supply is limited it will lead them to bid higher for the digital asset.

He also posted a tweet that came shortly after IMF’s demand of dropping BTC as a legal tender in the country.

What Should Crypto Investors Know?

The crypto space is volatile and nothing can be said with certainty at the moment. Crypto analysts keep on exploring what influences the crypto market price, which seems to be somewhat stuck at the moment.

Despite this uncertainty, major entities have plans to continue investing in Bitcoin, which includes MicroStrategy. It is also anticipated that the price of the crypto king will surge as high as $40k if certain support levels are held.

Therefore, if you are new to the crypto space and want to invest in Bitcoin then you can click on SwissBorg or Kraken (U.S. citizens).

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