What did El Salvador President Nayib Bukele advise fellow bitcoin investors?

President of the Central American country, Nayib Bukele, is known for his extreme vocal support for bitcoin who last year even declared it as a legal tender

President of El Salvador, Nayib Bukele, perhaps belongs to the rare community of politicians with high optimism regarding cryptocurrencies, especially Bitcoin (BTC). He was the one who declared bitcoin (BTC) as the legal tender in El Salvador last year, which made it the first country in the world to do so. Now amidst the massive decline that the market is experiencing that led to bitcoin (BTC) trading below $20,000, breaking its 18 months low record, Nayib Bukele addressed fellow investors’ rising concerns. 

President Bukele tweeted on 19th June while advising fellow crypto investors that they should not look at the graph whether it’s going up or down and focus on their life instead. He reassured bitcoin investors that if they have invested in bitcoin (BTC), their investment is quite safe, and its value will see immense growth in upcoming times when this bear market will end. Bukele quoted that investors being impatient, that Patience is the key. 

Last year in September, the Central American country El Salvador accepted Bitcoin (BTC) as legal tender, where its price at the time was around $50,000. Since then, bitcoin rallied up to $69,000 in November and recorded its all-time high, which also helped Bukele’s government make significant returns out of the initial investment they put in bitcoin. The profit generated through the gains had reallocated to the development plans within the country. 

However, the current situation brought tensions amid the falling prices of Bitcoin (BTC), and Nayib Bukeloe himself came up with advice for bitcoin investors concerned that the bear market could stay here for long. After Nayib Bukele’s tweet, his advice got mixed reactions from people who pointed out that most of the bitcoins (BTC) that El Salvador had procured were at a much higher price while the current market value of bitcoin is quite low. 

Some have suggested that Bukele launch the bitcoin bonds considering the ongoing bear market. At the same time, some critics expected that cryptocurrencies like bitcoin and others would continue to move towards a downward trend. 

The recent development of El Salvador following its bitcoin strategy came out when the Finance Minister of El Salvador, Alejandro Zelaya, while dismissing the allegations of the country facing losses of $40 million on its bitcoin investment, said that this is a clear criticism of bitcoin (BTC), not of the strategy of El Salvador. He said that a loss of $40 million did not happen as they have not sold their holdings. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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