Kevin Helms
An Austrian economics student, 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 of economics and cryptography.
Your BTC investment is safe, will grow enormously after the bear market – markets and prices Bitcoin news
The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “grow enormously” after the bear market.
El Salvador’s President of Bitcoin Investments
The president of El Salvador, Nayib Bukele, has talked about bitcoin investments in the midst of BTC’s heavy sales.
El Salvador has bought 2,301 bitcoins since the country made BTC a legal tender along with the US dollar in September last year. With the price of bitcoin plummeting, 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 on Saturday, elaborating:
My advice: stop looking at the graph and enjoy life. If you invested in BTC, your investment is safe and the value will grow enormously after the bear market. Patience is the key.
Many people have expressed concern 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 tax risk is extremely minimal.” He added: “When they tell me that the financial risk for El Salvador due to bitcoin is very 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% in the last 24 hours and 33% in 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 would not be surprised at all if bitcoin falls to $ 10K. Rich Dad Poor Dad author Robert Kiyosaki said that bitcoin could bottom out at $ 9K. Guggenheim CIO Scott Minerd said bitcoin could fall to $ 8K.
Do you agree with El Salvador’s president? Let us know in the comments section below.
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