The president of El Salvador has some advice for bitcoin investors. He believes investments in the biggest cryptocurrency are safe and will “grow immensely” after the bear market.
The President of El Salvador on Bitcoin Investments
El Salvador’s President Nayib Bukele talked about bitcoin investments amid BTCis a massive sale.
El Salvador has bought 2,301 bitcoins since the country made BTC legal tender alongside the US dollar in September last year. With the fall in the price of bitcoin, El Salvador BTC the investment would have lost 50% of its value, more than 50 million dollars.
“I see some people worried or worried about the market price of bitcoin,” Bukele tweeted on Saturday, elaborating:
My advice: stop staring at the graph and enjoy life. If you have invested in BTC your investment is safe and its value will increase tremendously after the bear market. Patience is the key.
Many people have expressed concerns about El Salvador’s fiscal health due to bitcoin’s large position in the country’s balance sheet.
Salvadoran Finance Minister Alejandro Zelaya dismissed concerns last week, saying “fiscal risk is extremely minimal.” He added, “When they tell me that the tax risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”
Bitcoin fell to a level not seen since 2020 at the start of this weekend. At the time of writing, BTC is trading at $20,141, up 12% in the past 24 hours and 33% in the past 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 drop to $12,000. Doubleline Capital Jeffrey Gundlach said he wouldn’t be at all surprised if bitcoin fell to $10,000. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could hit $9,000. Guggenheim CIO Scott Minerd said bitcoin could dive to $8,000.
Do you agree with the Salvadoran president? Let us know in the comments section below.
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