El Salvador’s president forecasts a “colossal price spike” for Bitcoin.

According to Bukele, there isn’t enough Bitcoin for everyone of the world’s wealthiest to hold one.

Soon after the International Monetary Fund pushed his government to revoke Bitcoin’s position as legal cash, Salvadoran President Nayib Bukele issued yet another optimistic Bitcoin (BTC) forecast.

Bukele predicted on Twitter on Monday that Bitcoin will eventually see a “gigantic price spike” owing to its restricted quantity of only 21 million digital currencies.

The president mentioned Bitcoin’s scarcity, highlighting that the globe has “more than 50 million millionaires,” and there isn’t enough Bitcoin for everyone of them to hold at least one BTC.

“Not even enough for half of them.” “It’s only a matter of time before there’s a massive price hike,” Bukele wrote.

Bukele’s remarks came shortly after the International Monetary Fund (IMF) recommended El Salvador to discontinue the adoption of Bitcoin as legal cash owing to financial stability and consumer protection concerns. The IMF research came on the heels of a precipitous drop in Bitcoin prices, with BTC losing about $10,000 in value between January 20 and January 25, according to CoinGecko statistics.

El Salvador’s Bitcoin holdings suffered significant dollar-denominated losses as a result of the most recent Bitcoin meltdown. The Salvadoran government made its initial 200-BTC buy on September 6, when BTC was trading at $52,000, as previous reports. On Oct. 27, when Bitcoin’s market price was above $58,000, the government purchased 420 BTC. El Salvador later purchased more Bitcoin for roughly $54,000 in November, followed by additional BTC for $49,000 in mid-December.

At the time of writing, BTC is trading at $37,159, a drop of nearly 45 percent from its November 9 highs of over $68,000.