Skip to main content

Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market

The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market.

El Salvador’s President on Bitcoin Investments

The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off.

El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million.

“I see that some people are worried or anxious about the bitcoin market price,” Bukele tweeted Saturday, elaborating:

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.

Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin position on the country’s balance sheet.

The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He added: “When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”

Bitcoin fell to a level not seen since 2020 early this weekend. At the time of writing, BTC is trading at $20,141, up 12% over the past 24 hours and 33% over the last seven days.

Some people share Bukeke’s optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci.

However, some others are less optimistic about where bitcoin is headed. Mad Money host Jim Cramer expects BTC to fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said bitcoin could plunge to $8K.

Do you agree with El Salvador’s president? Let us know in the comments section below.



from Bitcoin News https://ift.tt/mtqWygE
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more