- The president of El Salvador, Nayib Bukele tweets about the price decrease of BTC.
- His tweet shows that he is somehow losing his strong belief in the most traded digital currency, BTC.
In the current downtrend of cryptocurrencies, one of the biggest supporters of bitcoin, Nayib Bukele, is losing his trust in it. While writing, BTC is trading at the price of $21,091.82 USD. That shows this currency is down 4.41% from the past 24 hours.
Bukele’s BTC Affection
The belief of Bukele over BTC is not hidden from anyone. He openly supported digital currency and legitimate BTC as their country’s currency. On the other hand, his decision brought a lot of ups and downs to the financial system of El Salvador.
Bukele’s BTC legitimate outcome was a clash to mitigate El Salvador from dependence on USD. As of now, El Salvador bought almost $105 million BTC. While the country has lost around $56 million in it.
His decision then became a hot topic of discussion over the country. While the Finance Minister of El Salvador, Alejandra Zelaya has reportedly said the president of their country is not worried about the crypto market crash.
According to Alejandra Zelaya, the president still did not make any sale of the bitcoins. He is still waiting for the price to rise to execute his next move over the sale of purchased bitcoins.
Bukele also rejected a petition from the IMF (International Monetary Fund) for dropping bitcoin as a legal tender entity. Reverting to that petition, he added, ‘No international organization can force us to do anything at all.’
BTC One Week Analysis
Here, in the last week’s price analysis of BTC, it is noted that BTC marked its one week low at 21,978.16 and one week high at 24,198.69. While, the all time high of BTC rests at $68.990.90.
Through the following price analysis, it is clear that the biggest cryptocurrency is losing its value. As it has already lost its 70% value from its actual price.
Conclusion
Bukele’s crypto addiction may be facing a harsh time, as the BTC is performing at its low. But he still made his strong decision to bring the whole country under a massive debt.
The country is now facing global rejection by most the financial organizations. And it is unclear to identify the crypto future. So it will be remarkable for many of us to see the next move of Bukele in the coming time.
Source: https://www.thecoinrepublic.com/2022/07/26/the-belief-of-nayib-bukele-over-btc/