Key facts:
President Nayib Bukele questions on Twitter if it is time to buy more bitcoin.
The bulls give their approval, while part of the Salvadorans raise their complaints about it.
While some people in El Salvador show their dissatisfaction on social networks about the depreciation of the national reserves in bitcoin (BTC), others do the opposite. Different inhabitants are reaffirming their support for cryptocurrency. And they encourage President Nayib Bukele to buy more in the midst of the terrible decline he is going through this week.
with the fall of BTC to the USD 20,000 line, the national reserves that El Salvador possesses in the cryptocurrency more than USD 40 million were depreciated. As CriptoNoticias reported, this situation raised the concern of some inhabitants questioning the government how it will face public expenses.
Against this background, the finance minister, Alejandro Zelaya, reported that the USD 40 million decrease in cryptocurrency investment does not represent even 0.5% of his national budget. Thus, to this message, reported by Bitcoin Magazine, answered President Nayib Bukele via Twitter: “Are you telling me that we should buy more BTC?”
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Salvadorans are divided between those who support the national purchase of bitcoin and those who do not
Bukele’s comment was well received by bullish bitcoiners with over 13,700 likes so far. Among the comments, it can be seen that different people from El Salvador and abroad encourage the president to buy more bitcoin taking advantage of the current price drop.
“Yes, do it, it’s time to buy BTC” is one of the most repeated phrases among his followers. Even the most enthusiastic affirm that bitcoin is still worth a bitcoin avoiding making the conversion to dollars, as public on Twitter Michael Saylor, the CEO of MicroStrategy, claiming that he would consider buying BTC at these prices.
Thus, it could be that the president, having obtained the support of part of society, decides to add more bitcoins to the reserves of El Salvador. Such a move would lead to a further depreciation of the investment in the short term if the downward trend forecast by analysts continues. At the moment, the country holds 2,301 bitcoins valued at an estimated average price of $44,189, according to Salvador Tracker.
Although if the cryptocurrency rises in price in the long term as some expect, it could be a good strategy for the government to accumulate more now. precisely because would allow El Salvador to balance its bitcoin reserves, which are currently at unrealized losswith purchases at prices lower than those you have made before.
However, not everyone is in favor of this decision. Just as those who support the government to buy more BTC raise their voices due to their long-term bullish conviction, others display comments such as: “The public budget should not be used for cryptocurrency trading.”
Under this idea, a user commented that, although bitcoin may appreciate over time, it is a great risk use national reserves to buy cryptocurrency. This thought has grown in the population after the bear market, leaving Salvadorans divided into two opposing sides, as they expose on social networks.