The past few weeks have been troubling times for crypto investors especially those who have huge investments in Bitcoin. The crypto market has also stepped below its trillion-dollar milestone amid the recent turmoil.
Amid all of these, Bitcoin advocate and President Nayib Bukele of Central American country El Salvador says that Bitcoin investments are safe and that the flagship cryptocurrency will make a strong rebound after the bear market.
Amid warnings and repugnance for its decision to adopt Bitcoin as a legal tender, El Salvador has continued to increase its Bitcoin reserves. The country also takes the opportunity to buy the dip. The country’s President is of the opinion that “they can never beat you if you buy the dip.”
Last month, the country added 500 Bitcoin to its reserve, bringing its total Bitcoin reserve to 2,301 Bitcoin. The addition was worth $15.5 million as of the time of purchase. With the recent market realities, El Salvador has reportedly lost 50 percent of its value in its investment in Bitcoin and this loss is estimated to be over $50 million.
President Nayib Bukele seems not to be bothered by all of these. On Saturday, he tweeted that “I see that some people are worried or anxious about the Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key!”
I see that some people are worried or anxious about the #Bitcoin market price.
My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.
Bitcoin, and the crypto market in general, has raised concerns for investors, financial bodies, and experts. The cryptocurrency fell below the $20,000 milestone which it has been on in recent weeks before it made a rebound. The current trends with Bitcoin have raised concerns about how healthy El Salvador is financially. Alejandro Zelaya, the country’s minister of finance last week spoke that “fiscal risk is minimal” while dismissing concerns. “When they tell me the fiscal risk for El Salvador because of Bitcoin is really high, the only thing I can do is smile,” he added.
El Salvador seems to have a strategy in place because the country’s confidence in Bitcoin is not dwindling. “There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy,” minister of finance Alejandro Zelaya added while dismissing concerns.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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