Home Blockchain El Salvador President advises not to worry about bitcoin price drop

El Salvador President advises not to worry about bitcoin price drop


El Salvador President Nayib Bukele advised bitcoin investors not to worry about the prices of the first cryptocurrency. According to him, after the end of the bearish cycle, investments in digital gold will increase “immeasurably”.

“I see that some people are worried or worried about the market price of bitcoin. My advice: stop looking at the charts and enjoy life. If you have invested in BTC, your investment is safe, its value will increase immeasurably after the bear market. The important thing is patience,” he wrote.

By contrast, gold advocate Peter Schiff said Bukele’s advice was just as bad as his “best buy” advice. Second, it’s probably a reference to the “buy by the branch” stock market slogan that Bukele often refers to.

“How can you say Bitcoin investments are safe when they have already lost 75% of the market value? “You don’t know how much the price will drop in this bear market and whether the quotes will reach the current level,” he said.

Earlier, Schiff said that the collapse of the cryptocurrency market was good for the economy. He also added that even if digital assets have a future, bitcoin will never be a part of it.

El Salvador’s state bitcoin fund holds 2,301 BTC, worth $44.31 million at the time of writing. With an average purchase price of $43,900, the country’s paper loss has already exceeded $56 million.

Recall that El Salvador plans to issue the first bitcoin bonds to $ 1 billion in March 2022.

In June, the government acknowledged its reluctance to launch the vehicle any time soon.

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Source: Fork Log



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