El Salvador President Addresses Bitcoin Hopium Bear Market Concerns

El Salvador adopted BTC as legal tender on September 7, 2021, when its market price was around $50,000. Since then, The Bukele government made significant gains from its initial investments in BTC as bitcoin price touched its all-time high of $69,000, Profit said were diverted to the various infrastructure development initiatives in the country.

However, as tensions mount amid falling BTC prices, Bukele decided to offer advice to other Bitcoin investors who may be concerned about the ongoing bear market..

Nayib Bukelethe President who helped Bitcoin (BTC) achieve legal tender status in El Salvador, addressed growing investor concerns as BTC price started trading below $20,000 for the first time in 18 months.

I see some people worried or concerned about the market price of #Bitcoin.

My advice: stop looking at the chart and enjoy life. If you have invested in #BTC, your investment is safe and its value will increase immensely after the bear market.

Patience is the key.

El Salvador President Addresses Bitcoin Hopium Bear Market Concerns
El Salvador President Addresses Bitcoin Hopium Bear Market Concerns

In his tweet, Bukele advised his fellow investors to “stop looking at the charts and enjoy life.” Reassured investors about an inevitable rallywith the statement:

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

The council received mixed reactions from the community as Many pointed out that El Salvador acquired most of its BTC at a price much higher than the current market value. While critics expect BTC and other cryptocurrencies to continue the downtrend, On-chain analysis suggests Bitcoin price is returning to its former glory.

Popular propositions for Bukele from the cryptocurrency community amid the bear market include launching bitcoin bonds..

If I may make a humble suggestion. It’s a great time to start your #Bitcoin bonuses

As the world follows El Salvador’s Bitcoin economy, Alejandro Zelaya said, El Salvador’s finance minister denied allegations of more than $40 million lost in the countryand explains:

“I’ve said it repeatedly: an alleged loss of $40 million didn’t occur because we didn’t sell the coins.”

In response to a journalist’s question about El Salvador’s reaction to the sharp fall in bitcoin price, Zelaya replied, “There is a clear criticism of Bitcoin as such, not El Salvador’s strategy“.

Clarification: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.

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