Last updated on June 22nd, 2022 at 07:47 pm
While the bloodbath in the crypto market has led to the loss of several billions of dollars in investors’ monies, President of El Salvador Nayib Bukele certainly sounded unperturbed by the latest crypto crash and he is also advising Bitcoin investors not to be anxious about the market price.
In a tweet, Bukele said: “I see that some people are worried or anxious about the bitcoin market price”, just like his counterpart in the Central African Republic who boasted that future generations would appreciate him for adopting Bitcoin, saying, “Bitcoin is universal money”.
The North American country becomes the first country in the world to make Bitcoin the country’s official currency alongside the United States Dollar.
The record showed that El Salvador has bought at least 2,301 BTC since the most volatile coin was adopted. Crypto market analysts at business insiders say the country may have lost more than 50% of its value or more than $5 million USD following a tumble in the cryptocurrency market.
The crash has prompted several phases like, “Bitcoin is Dead”, and “Bitcoin Obituaries” by some critics of the blockchain-backed digital coins.
But the Bitcoin die-hard President of El Salvador motivated some investors in his shoes or his country’s shoes to be rest assured that investments in the largest crypto currency are safe and will bounce back after the bear market.
The recent selloffs have also put to test if it is the dip existing and new investors have been waiting for. Buy the dip is a popular crypto term commonly associated with the bear market in the crypto market aimed at inspiring buyers to acquire more coins in order to double their profit when the market bounces back.
Bukele is “notoriously” known for announcing new buys when there is a dip, admonishing BTC investors to stop looking at the graph and enjoy life. If you invested in Bitcoin your investment is safe and its value will immensely grow after the bear market, saying “Patience is the key.”
A few weeks back, Bukele invited some countries, majorly from Africa, for bitcoin discussion where he played a big-brother role in the crypto space.
Although no one knows the true balance sheet and fiscal health of the country since the crypto crash, Bukele keeps saying all is well with his country’s financial record banking on bitcoin recovery.
Assuring Salvadorans, the country’s Minister of Finance, Alejandro Zelaya, was quoted as saying that “fiscal risk is extremely minimal,” disregarding what people say regarding El Salvador’s huge investment in the most capitalized cryptocurrency.
“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,” Alejandro was quoted by news.bitcoin
Bitcoin experienced what it has never witnessed since 2020 when it fell below $19K before bouncing back to $20,512.66 at the time of writing.
The crash cuts across the cryptocurrency market. Ethereum, BNB, Solana, Cardano, and Dogecoin are all affected.
- By @nayibbukele on Facebook