Bitcoin (CCC:BTC-USD) is rising higher on Monday as El Salvador President Nayib Bukele posts his price prediction for the crypto.
Bukele doesn’t offer a hard number for where the price of Bitcoin is going in his latest prediction. Instead, the President of El Salvador simply claims that the crypto will see “a gigantic price increase.”
So when can investors expect that massive price increase for BTC? Yet again, Bukele doesn’t have any hard answer for traders. His Tweet only claims that his price prediction for Bitcoin “is just a matter of time.”
The rest of the Tweer from Bukele has him hyping up Bitcoin by comparing it to the number of millionaires in the world. he claims there are more than 50 million millionaires on Earth. In comparison, there are only 21 million BTC.
According to Bukele, these millionaires are going to eventually want Bitcoin of their own. When that happens, there won’t be enough supply around for each of them to even hold a single BTC. That’s the reasoning behind his price prediction for Bitcoin.
Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital, countered Bukele’s claims in his own Tweet. Instead, he claims that “a gigantic price collapse is coming!” You can see the exchange for yourself below!
But why buy an entire #Bitcoin when a single Sat will do the job just as well (which is nothing.) A Bitcoin is merely an arbitrary bundle of one hundred million Sats. It's far more likely that millionaires who already own Bitcoin will sell! A gigantic price collapse is coming!
— Peter Schiff (@PeterSchiff) January 31, 2022
BTC is up 1.5% over a 24-hour period as of Monday afternoon.
Investors looking for more stock market news worth checking out will want to stick around!
We’ve got all the latest stock market coverage that traders need to know about for Monday. A few examples include what’s happening with Chinese electric vehicle (EV) stocks, why Chinese internet stocks are on the rise, as well as what’s got Netflix (NASDAQ:NFLX) stock rising today. You can get all of those details from the following links!
More Stock Market News for Monday
- Chinese EV Stocks Alert: Why Are NIO, XPEV, LI Stocks Racing Higher?
- Chinese Internet Stocks: Why JD, BABA and BIDU Are Climbing Today
- NFLX Stock Alert: There’s a $20 Million Reason Netflix Is Rallying Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
