The President of El Salvador is bullish on Bitcoin, a fact that is quite well-known, and he recently had some advice to offer to investors in the world’s largest cryptocurrency. According to him, investments made in bitcoin are completely safe and that once the bear market is over, they are going to grow significantly.
Nayib Bukele Speaks Up
The heavy sell-off recently seen in the cryptocurrency market and the downfall of Bitcoin has understandably worried crypto investors. Nayib Bukele, the president of El Salvador, had some words of reassurance to offer to those concerned about their bitcoin investments.
Last year in September, El Salvador made history when the company declared Bitcoin as legal tender, along with the US dollar. Since then, the government has bought a total of 2,301 bitcoins, which Bukele has boasted about. However, since the turmoil in the crypto market, El Salvador’s tokens have already lost 50% of their value, which is around $50 million.
On Saturday, Bukele tweeted that he had seen people becoming worried and anxious about their bitcoin investments. He advised these people to stop watching the graph and enjoy their life. He said that BTC investments are safe and after the bear market, its value is going to grow immensely. He added that patience was a must.
Concerns About Bitcoin
A number of people have expressed their concerns about the fiscal health of El Salvador because of the large amount of Bitcoin that the country has on its balance sheet. Alejandro Zelaya, the finance minister of El Salvador, had dismissed these concerns in the previous week. He asserted that there was minimal fiscal risk. He said that every time someone said that bitcoin made fiscal risk high for El Salvador, it made him smile.
Early this weekend, bitcoin had declined to levels that had not been seen since 2020. The cryptocurrency fell below the $20,000 mark, but climbed back once more. Nonetheless, it has still lost more than 33% in a month and more than 50% since the beginning of the year.
Opinions About BTC
There are some other people in the crypto community who seem to share Bukele’s optimism about the world’s first cryptocurrency. These include people like Anthony Scaramucci, the founder of Skybridge Capital as well as Michael Saylor, who is another bitcoin bill.
Likewise, there are also those that are very skeptical about the biggest crypto in the world in terms of market capitalization. Jim Cramer, the host of Mad Money believes that Bitcoin will decline to $12,000. Jeffrey Gundlach of Doubleline Capital stated that he would not be surprised if BTC came down to as low as $10,000.
Robert Kiyosaki, the author of Rich Dad Poor Dad, said that Bitcoin could hit the $9,000 mark. Scott Minerd, the CIO at Guggenheim said that bitcoin’s value could plunge to $8,000. Suffice it to say, things look dire for bitcoin and cryptocurrency in general, as the market’s capitalization has already fallen below the $1 trillion mark, even though it had crossed $3 trillion last year.