According to Bukele, there isn't enough Bitcoin for every one of the world's wealthy to hold one.
Soon after the International Monetary Fund encouraged his government to revoke Bitcoin's position as legal cash, Salvadoran President Nayib Bukele issued another optimistic Bitcoin (BTC) forecast.
Bukele predicted on Twitter on Monday that Bitcoin's restricted quantity of only 21 million digital currencies would lead to a "gigantic price spike."
The president referenced Bitcoin's scarcity, stating that the globe has "more than 50 million millionaires," and that there is insufficient Bitcoin for every one of them to hold at least one BTC. "Not even half of them will be able to eat." "It's only a matter of time before we see a massive price hike," Bukele remarked.
Bukele's remarks come after the International Monetary Fund (IMF) advised El Salvador to stop accepting Bitcoin as legal cash, citing concerns about financial stability and consumer safety. The IMF study came after a dramatic drop in Bitcoin's price, with BTC losing almost $10,000 in value between Jan. 20 and Jan. 25, according to CoinGecko statistics.
El Salvador's Bitcoin holdings have suffered significant dollar-denominated losses as a result of the recent Bitcoin meltdown. The Salvadoran government made its initial 200-BTC buy on Sept. 6, when BTC was trading about $52,000, as previously reported by Cointelegraph. On Oct. 27, when Bitcoin's market price was above $58,000, the government purchased 420 BTC. El Salvador also decided to buy Bitcoin in November for roughly $54,000 and additional BTC in mid-December for $49,000.
BTC is now trading at $37,159, down approximately 45 percent from its historical highs of almost $68,000 set on November 9.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards