El Salvador’s President Uses Bitcoin To Address Bear Market Concerns
BTC became legal tender in El Salvador on September 7, 2021, when its market price was around $50,000. Since then, as Bitcoin rose to an all-time high of $69,000, Bukele’s government has gained considerable returns on its initial BTC investments, which have been reallocated to the country’s many infrastructure development efforts.
However, as emotions build in the face of declining Bitcoin prices, Bukele has decided to offer advice to fellow Bitcoin investors who may be concerned about the market’s prolonged bear market.
As Bitcoin (BTC) began trading for less than $20,000 for the first time in 18 months.
Nayib Bukele, the president who helped Bitcoin (BTC) achieve legal cash status in El Salvador, addressed investor worries
In his tweet, Bukele advised fellow investors to “stop looking at the graph and enjoy life.” He reassured investors about an inevitable comeback, stating that:
“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”
The advise was met with varied reactions from the community, with many pointing out that El Salvador obtained the majority of its BTC at a far higher price than the current market value. While detractors predict that BTC and other cryptocurrencies will continue to decline, on-chain analytics point to Bitcoin’s return to its former glory.
Among the many ideas made to Bukele by the crypto community during the bear market is the issuance of Bitcoin Bonds.
As the world watches El Salvador’s Bitcoin economy, the country’s finance minister, Alejandro Zelaya, denied claims that the country had lost more than $40 million, saying:
“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”
“There is a clear criticism of Bitcoin as such, not of El Salvador’s approach” Zelaya said in answer to a journalist’s inquiry regarding El Salvador’s reaction to Bitcoin’s precipitous drop.
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