Nayib Bukele is undoubtedly one of the most bullish politician in bitcoin history. So it's no surprise, he will speak highly about it! Also I assume, not just two but more countries will adopt bitcoin as a legal tender in coming months. But none of them is likely to wipe out their own currency system in this process just the way El-Salvador did. Bitcoin will be adopted as a parallel currency alongside their own fiats. Also it makes sense for the small countries as it will save them a ton of money from foreign remittances.
But I really doubt about the 100k claim. As Franky rightly pointed out, it is extremely difficult to sustain at 100k level. Some hype of whale movement may push the price beyond 100k but it won't sustain due to the huge sell pressure. So if we don't see a whole new array of investors in the market with a similar or higher buy orders, 100k will not sustain. The market has to eat up the supplies to sustain at that level. Simple economics!
But I really doubt about the 100k claim. As Franky rightly pointed out, it is extremely difficult to sustain at 100k level. Some hype of whale movement may push the price beyond 100k but it won't sustain due to the huge sell pressure. So if we don't see a whole new array of investors in the market with a similar or higher buy orders, 100k will not sustain. The market has to eat up the supplies to sustain at that level. Simple economics!
With his breakthrough investing a big amount of BTC for a country, other country leaders could be stimulate to also invest in cryptocurrency because crypto is already recognized by the world and no longer said as a scam thing or something that going to bubble.
The price increase is not the most important thing for bitcoin and the whole crypto markets right now, we need more adoption and more reach to make people invest on it and the price will be followed, sudden price pump is not good for the market we would rather to make it slow but steady increasement
I would imagine that a number of "countries" have at this stage already been in contact
with Bukele so he would be in a position to know something of this and there
has been speculation from the community already as to who those countries are likely
to be.
We can be fairly sure though that they are likely to be similar countries to El Salvador
who are using the $
I thought the myth has been busted when we didn't reach $100k in 2021? What if we get full bear market this year as it seems that the signs are already here?
