The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market.
El Salvador’s President on Bitcoin Investments
The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off.
El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million.
“I see that some people are worried or anxious about the bitcoin market price,” Bukele tweeted Saturday, elaborating:
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.
Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin position on the country’s balance sheet.
The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He added: “When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”
Bitcoin fell to a level not seen since 2020 early this weekend. At the time of writing, BTC is trading at $20,141, up 12% over the past 24 hours and 33% over the last seven days.
Some people share Bukeke’s optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci.
However, some others are less optimistic about where bitcoin is headed. Mad Money host Jim Cramer expects BTC to fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said bitcoin could plunge to $8K.
Do you agree with El Salvador’s president? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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