At the beginning of the most important events of 2021 is undoubtedly El Salvador’s adoption of Bitcoin as its official currency.
After this decision, although negative statements were made about El Salvador from many institutions such as the IMF or the credit rating agency, President Nayib Bukele continues his Bitcoin maximalist statements.
Bukele, who recently came to Turkey, bitcoin made a new statement about it.
Drawing attention to the limited supply of Bitcoin, which can be a maximum of 21 million, in his statement, the President used the following statements:
“There are more than 50 million millionaires in the world. Imagine each of them deciding, “We must buy at least 1 Bitcoin”. But there will only be 21 million Bitcoins. This number is not even half enough. A massive price increase is only a matter of time.”
There are more than 50 million millionaires in the world.
Imagine when each one of them decides they should own at least ONE #Bitcoin
But there will ever be only 21 million #Bitcoin
No enough for even half of them.
A gigantic price increase is just a matter of time.
— Nayib Bukele 🇸🇻 (@nayibbukele) January 31, 2022
Limited Supply in Bitcoin
Bitcoin, which was issued against inflation and has a limited supply, is programmed to produce a maximum of 21 million units. On the other hand, according to researches, the amount of lost/unreachable Bitcoin is estimated to be 5 million on average.
In other words, it is thought that the total amount of BTC in circulation will be limited to approximately 16 million units.
According to the logic of “what is less is valuable”, this is the most important factor that can trigger a serious price increase, as Bukele said, by ensuring that the supply always remains the same despite the increase in demand in BTC.