The president of El Salvador has given his advice to Bitcoin investors. He believes that investments in Bitcoin, the largest crypto so far, are safe and will immensely grow after the current bear run.
El Salvador President Bitcoin Investments Have a Bright Future
Nayib Bukele, the president of El Salvador, has now spoken about Bitcoin investments amid the on-going heavy sell-offs. Since the country made the decision to make BTC a legal tender, it has bought a total of 2,301 Bitcoins. With the current dip, El Salvador’s BTC investments have reportedly lost 50% of their value, approximately USD50 million.
The president of the Latin American country said that he had seen how people got worried about the fluctuating Bitcoin price. “My advice: stop looking at the graph and enjoy life. If you invest in BTC your investment is safe, and its value will immensely grow after the bear market. Patience is the key,” he expressed.
Because of the falling price of Bitcoin, some people have been asking about the health of El Salvador’s financial health. According to the Salvadoran finance minister Alejandro Zelaya, the fiscal risk is very minimal. “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,” he said.
The price of Bitcoin in this current bear market has plummeted to a level not seen since December 2020. According to Coin Metrics Data, the price of Bitcoin sank to USD17,750 around on 18th June, 2022.
Some people, including the Skybridge Capital founder Anthony Scaramucci and Bitcoin bull Michael Saylor are in agreement with Bukele’s sentiments that BTC will finally take an uptrend.
However, many are unsure of what to expect from the recent Bitcoin movements. Jim Cramer, the host of Mad Money, expected BTC to fall to about USD12K. Jeffrey Gundlach of Doubleline Capital said he would not be surprised at all if BTC price dropped further to USD10K. On his part, Robert Kiyosaki, the author of the famous Poor Dad, Rich Dad, said the largest coin could plunge further down to USD9K.