El Salvador’s President, Nayib Bukele, has chimed in on the current Bitcoin bear market, expressing worry that the country’s BTC holdings are in the red as a result of the ongoing crypto market downturn.
Bitcoin investors, according to President Bukele, should stop staring at the charts and start living their lives. He went on to say that anyone holding BTC should feel confident in the knowledge that their investment is safe and would rise in value when the bear market is over.
“I see that some people are worried or anxious about the Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key,” he said.
El Salvador’s BTC holdings are presently underwater, according to the crypto-community. President Bukele’s reassurance concerning the Bitcoin market comes after the crypto-community pointed out that El Salvador’s BTC holdings are currently underwater.
El Salvador’s BTC purchases have lost 62.2% of their value owing to continuous market volatility, according to Bitcoin Treasuries. As stated in the accompanying tweet, this sum also corresponds to approximately $53 million in unrealized losses.
El Salvador’s finance minister, Alejandro Zelaya, cleared the air last week, noting that the country’s Bitcoin holdings have yet to generate any losses since they have not been sold.
“There is a lot of fuss lately about our bitcoin strategy. I have said it repeatedly: a supposed loss of 40 million dollars has not occurred because we have not sold the coins…
When they say that the fiscal risk in El Salvador due to bitcoin is very high, the only thing it does is make me laugh and I think that any serious economist should do the same, because it really is an extremely superficial analysis and They speak only from ignorance,” he said.
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