Nayib Bukele, president of El Salvador has spoken out about bitcoin investments in the midst of heavy BTC sell-off.
El Salvador has bought 2,301 Bitcoins since September 2013, when BTC became legal tender in the country. El Salvador’s Bitcoin investment has lost 50% , or more than $50 million, due to the falling price of bitcoin.
Bukele tweeted Saturday: “I see that some people worry or anxious about bitcoin market prices,”
I advise you to stop looking at the graph, and just enjoy your life. Your investment in BTC is secure and will continue to grow even after the bear market. Patience is key.
Due to the large bitcoin position on El Salvador’s balance sheets, many people are concerned about El Salvador’s fiscal well-being.
Alejandro Zelaya (Swiss finance minister), dismissed concerns last Wednesday, declaring that there is ‘extremely low fiscal risk’. He said that if they inform me that El Salvador is at high fiscal risk due to bitcoin, I will only smile.
Bitcoin dropped to levels not seen since early in 2020, this weekend. BTC trades at $20,141 as of the writing. This is 12% higher than the previous 24 hours and 33% higher than the previous seven days.
Bukeke’s optimism is shared by some, such as the bitcoin bull Michael Saylor or Skybridge Capital founder Anthony Scaramucci.
Others are less optimistic about bitcoin’s future. BTC will fall to $12K, according to Jim Cramer from Mad Money. Doubleline Capital Jeffrey Gundlach stated that he would not be surprised if bitcoin falls to $10K. Rich Dad Poor Dad author Robert Kiyosaki stated that bitcoin could reach a bottom of $9K. Guggenheim CIO Scott minerd stated that bitcoin could plummet to $8K.