El Salvador’s president has some advice for bitcoin investors. He believes investing in the largest cryptocurrency is safe and will experience “immense growth” after a bear market.
El Salvador’s President on Bitcoin Investing
El Salvador’s President Naive Buquere speaks out about bitcoin investments inthere has been a heavy sell-off in BTC
El Salvador has purchased 2,301 bitcoins since the country madeBTClegal tender. BTC, which became legal tender alongside the U.S. dollar last September, has purchased 2301 bitcoins. As the price of bitcoin has plummeted, El Salvador’sBTCinvestment has reportedly lost50% of its value, or over $50 million.
“It seems some people are worried or anxious about the market price of bitcoin,” Bukele tweeted on Saturday, elaborating.
My advice: stop looking at graphs and enjoy life.33} If you invest in BTCyour investment is safe and its value will grow very much after a bear market. Patience is key.
The large bitcoin position on El Salvador’s balance sheet has caused many to express concern about the country’s fiscal health.
Alejandro Zelaya, Salvador’s finance minister, brushed off concerns last week, saying that “the fiscal risk is very small.” He added, “If someone tells me that the fiscal risk in El Salvador is really high because of Bitcoin, all I can do is smile.”
Bitcoin fell early this weekend to levels not seen since 2020. At the time of this writing,. BTCis trading at $20,141, up 12% in the past 24 hours and 33% in the past seven days.
Some share Bukeke’s optimism, including Bitcoin Bull’s Michael Saylor and SkyBridge Capital founder Anthony Scaramucci.
But others are less optimistic about the direction of Bitcoin. Mad Money host Jim Cramer expectsBTCto fall; BTCto fall to $12K; and
to fall to $20K. Jeffrey Gundlach of DoubleLine Capital said he would not be at all surprised to see bitcoin fall to $10K. Robert Kiyosaki, author of Rich Dad, Poor Dad, said bitcoin could bottom out at $9K. Scott Meinard, Guggenheim CIO, said bitcoin could plunge to $8K.
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