El Salvador’s President has some words of wisdom for Bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market.
El Salvador’s President on Bitcoin Investments
The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off.
El Salvador bought 2,301 bitcoins after the country declared BTC legal tender in September 2017. With the price of bitcoin plunging, 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 Saturday, elaborating:
I advise you to stop staring at the graph, and instead enjoy your life. BTC is a safe investment and it will grow in value even in a bear market. Patience and patience are the keys to success.
Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin position on the country’s balance sheet.
The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He added: “When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”
Bitcoin dropped to levels not seen since early in 2020, this weekend. BTC traded at $20.141 at the time of writing. That’s an increase of 12% and 33% respectively over the 24 hours and seven days prior.
Some people share Bukeke’s optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci.
Some others, however are less positive about the future of bitcoin. Mad Money’s Jim Cramer predicts that bitcoin will fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Robert Kiyosaki, author of Rich Dad Poor Dad said that bitcoin may bottom at $9K. Scott Minerd (CIO Guggenheim) said bitcoin could fall to $8K.
Do you agree with El Salvador’s president? Leave a comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.
