President Nayib Bukele of El Salvador is attempting to calm the fears of his people following the current decline in the value of Bitcoin and other cryptocurrencies.
The price of BTC had a dramatic decline last week, going below $18,000 for the first time since 2020. As of the time of writing, Bitcoin was trading at $20,545, a 23 percent decrease over the previous week.
El Salvador’s Bitcoin holdings have been burdened by the prolonged bear market. However, Bukele is attempting to calm the tense crypto community following yet another string of significant losses.
Bukele took to social media to reassure Bitcoin investors that things may not be as bad as they appear and to offer advise to those who are concerned about the declining prices on the cryptocurrency market.
Suggested Reading | BitRiver And Russian Oil Giant Team Up To Power Data Centers
I see that some people are worried or anxious about the #Bitcoin market price.
My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.
Patience is the key.
— Nayib Bukele (@nayibbukele) June 19, 2022
“I see that some people are worried about Bitcoin’s market price,” Bukele wrote on his Twitter account late Saturday. Bukele’s advice to his constituents is to “stop looking at the graph and enjoy life.”
The crypto-loving president said that “If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.”
El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021, under the leadership of Bukele, despite complaints from the International Monetary Fund.
Since then, his administration has invested more than $100 million in taxpayer funds to purchase at least 2,300 BTC units, at a price of approximately $51,000 each unit.
According to the tracking site nayibtracker.com, the Bukele administration has spent about $105 million on the world’s most popular crypto asset, paying an average of almost $46,000 per coin.
The current value of El Salvador’s 2,300 BTC holdings is $46 million, representing a loss of 56.5% since the acquisition price of $105.6 million. The average cost per BTC in US dollars is roughly $45,908, more than double its current price.
BTC total market cap at $392 billion on the daily chart | Source: TradingView.com
The ongoing crypto winter has generated concerns that the central American nation acquired the majority of its crypto assets at exorbitantly high prices, resulting in negative holdings.
Some Bitcoin skeptics anticipate that the BTC price will continue to fall in tandem with the current market crisis, although on-chain measures have signaled that a trend reversal may be imminent.
Suggested Reading | Dogecoin Jumps 8% After Elon Musk Tweets He’s Buying The Dip
El Salvador’s Minister of Finance, Alejandro Zelaya, has likewise dismissed worries that a sharp decrease in Bitcoin’s value could harm the country’s budgetary health.
El Salvador had incorporated Bitcoin bonds in its Bitcoin ambitions. These bonds were announced in 2021, but the nation has not yet issued them because of the protracted bear market.
Featured image from Reuters, chart from TradingView.com
Lejilex and CFAT sue the SEC for overstepping in crypto regulation, seeking clear rules and challenging the classification of digital assets as securities, invoking the major questions doctrine.
WeiliangUnlock essential tips to spot and avoid blockchain scams with our guide, tailored for cryptocurrency enthusiasts seeking to safeguard their digital assets and personal information.
AlexKraken contests an SEC lawsuit alleging it operated as an unregistered exchange, arguing cryptocurrencies are commodities, not securities, in a pivotal case for crypto regulation.
MiyukiWorldcoin's WLD currency surged 300% in February, leading an AI cryptocurrency boom alongside stocks like Nvidia, reflecting growing interest in AI's potential to redefine the financial landscape.
BrianCrypto scam cases in Hong Kong rose by 170% in a year, prompting the Securities and Futures Commission to demand licensing applications from exchanges like OKX and Bybit to combat fraud and secure investor trust. As regulatory pressure mounts, the approval of reputable exchanges is crucial for Hong Kong's crypto market to thrive and establish itself as a trusted digital asset hub.
WeatherlyInterpath Limited has taken control of Hector DAO's treasury and social media to address a $2.7 million hack, aiming to secure assets and investigate for recovery.
WeiliangReddit and Google have joined forces in a $60 million partnership, allowing Google to use Reddit's discussions to enhance AI models, while Reddit gains access to Google's AI for platform improvement. Despite the collaboration's potential benefits, ensuring the reliability of Reddit-sourced data is crucial for maintaining integrity and advancing technology responsibly.
Anais李一舟博士AI课程被下架，涉非法经营风波，社会反响大，但仍有再战江湖机会。
AlexReddit is fully embracing cryptocurrencies like Bitcoin and Ether, gradually accumulating them since 2022 as revealed in its IPO filing. This strategic move signals Reddit's commitment to exploring innovative financial avenues and its belief in the potential of blockchain technology.
JoyJeff “Jihoz” Zirlin experienced an $8 million loss due to a breach of his personal Ethereum addresses on Ronin, attributed to a leaked private key; Ronin's integrity remains intact.
Brian