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Monday, January 30, 2023

El Salvador president addresses bear market concerns with Bitcoin hopium

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El Salvador introduced BTC as legal tender on September 7, 2021, when its market worth was round $50,000. Ever since, Bukele’s authorities made important returns on their preliminary BTC investments as Bitcoin rallied to its all-time high of $69,000, which was redirected to the country’s various infrastructure development initiatives.

However, as tensions rise amid falling BTC costs, Bukele determined to share recommendation for fellow Bitcoin buyers which may be involved concerning the extended bear market.

Nayib Bukele, the president who helped Bitcoin (BTC) acquire authorized tender standing in El Salvador, addressed the rising concerns of buyers as BTC began trading for under $20,000 for the primary time in 18 months.

In his tweet, Bukele suggested fellow buyers to “stop looking at the graph and enjoy life.” He reassured buyers about an inevitable comeback, stating that:

“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”

The recommendation acquired blended reactions from the neighborhood as many identified the truth that El Salvador procured most of its BTC at a a lot increased worth than the present market worth. While critics anticipate BTC and different cryptocurrencies to proceed on the downward development, on-chain analytics signal the oncoming of Bitcoin’s reversal again to its former glory.

Some of the favored recommendations to Bukele from the crypto neighborhood amid the bear market embody launching the Bitcoin Bonds.

Related: El Salvador ‘has not had any losses’ due to Bitcoin price dive, Finance Minister says

As the world retains observe of El Salvador’s Bitcoin financial system, Alejandro Zelaya, the Minister of finance of El Salvador, dismissed allegations concerning the nation shedding over $40 million, stating:

“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”

In response to a journalist’s query about El Salvador’s response to Bitcoin’s sharp dip, Zelaya responded by saying that “There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”