The President of El Salvador has some advice for Bitcoin investors. He believes investing in the largest cryptocurrency is safe and will “grow immensely” after the bear market.
The President of El Salvador on Bitcoin Investing
El Salvador President Nayib Bukele has commented on bitcoin investing amid the sharp BTC sell-off.
El Salvador has bought 2,301 bitcoins since the country made BTC legal tender alongside the US dollar in September last year. With Bitcoin’s price falling, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million.
“I see some people are concerned or worried about the Bitcoin market price,” Bukele tweeted Saturday, elaborating:
My advice: stop looking at the graphics and enjoy life. If you have invested in BTC, your investment is safe and its value will increase immensely after the bear market. Patience is the key.
Many people have raised concerns about El Salvador’s fiscal health due to a large Bitcoin position on the country’s balance sheet.
Salvadoran Finance Minister Alejandro Zelaya dismissed concerns last week, saying the “fiscal risk is extremely low”. He added: “When they tell me that the fiscal risk for El Salvador is really high because of Bitcoin, I can only smile.”
Bitcoin fell to levels not seen since 2020 this weekend. At the time of writing, BTC is trading at $20,141, up 12% in the past 24 hours and 33% in the past 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 the development of Bitcoin. Mad Money host Jim Cramer expects BTC to fall to $12,000. Doubleline Capital’s Jeffrey Gundlach said he wouldn’t be at all surprised if Bitcoin dropped to $10,000. Rich Dad Poor Dad author Robert Kiyosaki said Bitcoin could bottom at $9,000. Guggenheim CIO Scott Minerd said Bitcoin could fall to $8,000.
Do you agree with the President of El Salvador? Let us know in the comment section below.
Kevin Helms
photo credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.