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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.

El Salvador’s President Uses Bitcoin To Address Bear Market Concerns

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

El Salvador’s President Uses Bitcoin To Address Bear Market Concerns

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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