The president of El Salvador, Nayib Bukele referred to the sharp decline in the cryptocurrency market and, particularly, to the case of Bitcoin. The president considered that “patience” it is “the key” when investing in Bitcoinny that there is no “pay attention” at prices during a bear market.
“I see that some people are worried or anxious about the price of #Bitcoin in the market. My advice: stop looking at the graph and enjoy life”, commented the president on the social network Twitter. In addition, he considered that those who bet on Bitcoin “your investment is safe and its value will grow tremendously after the bear market”.
I see that some people are worried or anxious about the price of the #bitcoin in the market.
My advice: stop looking at the graph and enjoy life. If they invested in #BTC your investment is safe and its value will grow tremendously after the bear market.
Patience is the key.
– Nayib Bukele (@nayibbukele) June 19, 2022
Bukele’s message is given within the framework of his policy of acceptance of Bitcoin as legal tender. Indeed, El Salvador became in September 2021 the first country to accept Bitcoin as legal tender at par with the dollar. When that decision was made, the cryptocurrency was trading at about $44,000; almost twice the current reference price. As reported by the country, to date they have acquired 2,301 bitcoins for an estimated value of USD 100,000 million. The Salvadoran Treasury investments were given at prices between USD 30,700 and USD 58,000.
As explained by the head of the Ministry of Finance, Alejandro Zelaya, El Salvador “has had no losses” in the market crash. It is estimated, then, that El Salvador has not sold any of the cryptos acquired at a lower price and that they are still waiting for –as Bukele affirms on Twitter– to pass the bear market. In the year since El Salvador approved Bitcoin as legal tender, the nation has lost nearly $56 million.
However, in his three years of government, approximately 87% of Salvadorans approve of the president’s management, according to a survey by the Research Unit of La Prensa Gráfica. The media pointed out that 86.8% of those surveyed responded that they approve of Bukele’s work in power, 9.1% disapprove, while 4.1% did not answer. Other controversies of the president are the criticism he received for the state of exception and some of his methods in the fight against the “Maras”.
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