On September 7, 2021, El Salvador made Bitcoin legal money. At the time, it was worth about $50,000 on the market. Since then, Bukele’s government has gotten a lot of money back from the BTC investments they made when Bitcoin reached its all-time high of $69,000. These funds have been used to improve the country’s infrastructure.
But as emotions rise because BTC prices are going down, Bukele has decided to give advice to other Bitcoin investors who may be worried about the long bear market.
President Nayib Bukele helped Bitcoin (BTC) become legal cash in El Salvador. When Bitcoin (BTC) started trading for less than $20,000 for the first time in 18 months, investors became more worried.
In a tweet, Bukele told his fellow investors, “Stop staring at the graph and have fun.” He told investors that things were about to get better by saying:
“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”
People in the community had different reactions to the advice, with many pointing out that El Salvador bought most of its BTC at a much higher price than what it is worth now. Some people think that Bitcoin and other cryptocurrencies will keep going down, but on-chain analytics show that Bitcoin will soon get back to where it was before.
During a bad market, the cryptocurrency community often tells Bukele to start Bitcoin Bonds.
As the rest of the world watches El Salvador’s Bitcoin economy, El Salvador’s Minister of Finance, Alejandro Zelaya, denied that the country had lost more than $40 million, saying, “The country did not lose more than $40 million.”
“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 reporter’s question about how El Salvador felt about Bitcoin’s sudden drop, Zelaya said,“There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”
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