El Salvador’s president addresses concerns in the bear market with Bitcoin hopium

by · July 5, 2022

Nayib Bukele, the president who helped Bitcoin (BTC) gain legal status in El Salvador, addressed the growing concerns of investors as BTC began trading for less than $ 20,000 for the first time in 18 months.

El Salvador introduced Bitcoin as a legal tender on September 7, 2021, when the market price was around $ 50,000. Ever since, Bukele’s government has achieved a significant return on its initial BTC investment as Bitcoin rose to its all-time high of $ 69,000, which was diverted to the country’s various infrastructure development initiatives.

But as tensions rise amid falling BTC prices, Bukele decided to share advice with other Bitcoin investors who may be concerned about the long-term bear market.

In his tweet, Bukele advised other investors to “stop looking at the graph and enjoy life.” He reassured investors of an inevitable comeback, stating that:

“If you invested in #BTC, your investment is safe and the value will grow enormously after the bear market. Patience is the key.”

The councils received mixed reactions from the community when many pointed out the fact that El Salvador acquired most of its BTC at a much higher price than the current market value. While critics expect BTC and other cryptocurrencies to continue the downward trend, chain analysis signals that Bitcoin’s reversal will return to its former glory.

Some of the popular proposals for Bukele from the crypto community in the middle of the bear market include the launch of Bitcoin Bonds.

Related: El Salvador ‘has not had any losses’ due to Bitcoin price dive, says finance minister

While the world keeps track of El Salvador’s Bitcoin economy, Alejandro Zelaya, El Salvador’s finance minister, rejected claims that the country lost over $ 40 million, saying:

“I have said it repeatedly: an estimated loss of $ 40 million has not happened because we have not sold the coins.”

In response to a journalist’s question about El Salvador’s reaction to Bitcoin’s sharp fall, Zelaya responded by saying that “It is a clear critique of Bitcoin as such, not of El Salvador’s strategy.”