On September 7, 2021, El Salvador adopted Bitcoin (BTC) as legal tender at a market price of around USD$50K. Since then, Bukele’s government has received significant returns on their initial BTC investments when Bitcoin reached its all-time high of $69K, which have been transferred to the nation’s infrastructure development projects.
However, as tensions surge in response to plummeting BTC prices, Bukele advised fellow Bitcoin investors concerned about the extended bear market.
President Nayib Bukele, who made Bitcoin (BTC) a legal tender in El Salvador, addressed investors’ mounting worries as Bitcoin (BTC) began trading for less than $20K for the first time in 18 months.
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.
— Nayib Bukele (@nayibbukele) June 19, 2022
Bukele told his fellow investors in a tweet to stop staring at the BTC price chart and enjoy life. He reassured investors that recovery was about to begin, claiming 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 community had diverse reactions to the advice, with many pointing out that El Salvador acquired most of its BTC at a far higher price than the current market value. While critics expect Bitcoin and other cryptocurrencies to continue their downward trend, on-chain analytics indicate that Bitcoin will soon return to its previous glory.
Related article: Bitcoin Recovers To $20K, Ethereum Exceeds $1K
The establishment of Bitcoin Bonds is among the most common recommendations to Bukele from the cryptocurrency community during the bear market.
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.
— Nayib Bukele (@nayibbukele) June 19, 2022
As the globe observes El Salvador’s Bitcoin economy, El Salvador’s Minister of Finance, Alejandro Zelaya, refuted claims that the nation lost more than $40 million, adding that:
“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”
In answer to a journalist’s inquiry on El Salvador’s reaction to Bitcoin’s precipitous decline, Zelaya stated, “There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”
