El Salvador president addresses bear market concerns with Bitcoin hopium

El Salvador president addresses bear market concerns with Bitcoin hopium

On September 7, 2021 El Salvador made Bitcoin legal tender. At the time, its market price was just $50,000. Since then, Bukele’s government has made substantial returns on their initial BTC investments. Bitcoin rallied to an all-time high at $69,000. This was redirected towards the country’s various infrastructure developments initiatives.

Bukele, however, decided to share his advice with fellow Bitcoin investors who may be worried about the long bear market, as tensions are rising amid falling BTC prices.

Nayib Bukele was the president who helped Bitcoin gain legal tender status El Salvador. He addressed investors’ growing concerns as BTC traded for less than $20,000 for the first 18-months.

It seems that people are anxious or worried about the #Bitcoin price. I advise you to stop looking at the graph, and just enjoy your life. Your investment in #BTC is secure and will continue to grow even after the bear market. Patience is key.
— Nayib Bukele (@nayibbukele) June 19, 2022

Bukele tweeted that he advised investors to “stop looking on the graph and live life.” He also assured investors of a return, saying:

“If you have invested in #BTC, your investment will be safe and it will continue to grow even after the bear market.” Patience is key.

This advice was met with mixed reactions by the community. Many pointed out that El Salvador purchased most of its BTC for a higher price than current market value. Although critics predict that BTC and other cryptocurrency will continue to fall, the analytics on-chain indicate that Bitcoin is on the verge of a reversal to its former glory.

Bukele has heard a lot of suggestions from the crypto community during the bear market, including launching Bitcoin Bonds.

Let me make one suggestion. It’s a great time to issue your #Bitcoin bonds
— Alistair Milne (@alistairmilne) June 19, 2022

Related: Finance Minister: El Salvador has not suffered any losses due to Bitcoin’s plunge

The world is keeping track of El Salvador’s Bitcoin economy. Alejandro Zelaya the Minister of Finance of El Salvador dismissed claims that the country lost more than $40 million.

“I have repeated it repeatedly: An alleged loss of 40,000,000 dollars has never occurred, because we haven’t sold the coins.”

Zelaya replied to a journalist asking about El Salvador’s reaction after Bitcoin’s sharp drop.

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