Fun

Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market

News Feed - 2022-06-20 07:06:24

Salvadoran President to Bitcoin Investors: Your BTC Investment Is Safe, Will Immensely Grow After Bear Market


The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market. El Salvador’s President on Bitcoin Investments


The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off.


El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million.


“I see that some people are worried or anxious about the bitcoin market price,” Bukele tweeted Saturday, elaborating: 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.


Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin position on the country’s balance sheet.


The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He added: “When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”


Bitcoin fell to a level not seen since 2020 early this weekend. At the time of writing, BTC is trading at $20,141, up 12% over the past 24 hours and 33% over the last seven days.


Some people share Bukeke’s optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci.


However, some others are less optimistic about where bitcoin is headed. Mad Money host Jim Cramer expects BTC to fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said bitcoin could plunge to $8K. Tags in this story bitcoin advice, BTC advice, El Salvador, el salvador bitcoin, el salvador president, Nayib Bukele


Do you agree with El Salvador’s president? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Mad Money"s Jim Cramer Expects Bitcoin to Fall to $12,000 MARKETS AND PRICES | 21 hours ago Blackrock"s CIO: Bitcoin and Crypto Are Durable Assets — Prices Will Move Higher MARKETS AND PRICES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBinance Suspends Direct Deposits and Withdrawals in Brazil Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

VIDYA’s Public Sale Marks the Dawn of a New Blockchain Gaming Era
VIDYA"s Public Sale Marks the Dawn of a New Blockchain Gaming EraIn 2017, the gaming world was revolutionized by the massive success of a simple blockchain game called CryptoKitties
Marcel Pechman3 hours agoWhy is Stellar (XLM) price up this week?Stellar’s pre-announcements may have caused traders to create multiple scenarios for potential XLM developments, but their impact on the XLM price could
Sending Cash to Friends and Family Through Bitcoin ATMs Is Safer Than Crowding Bank Offices During Pandemic
Sending Cash to Friends and Family Through Bitcoin ATMs Is Safer Than Crowding Bank Offices During Pandemic Transferring money over traditional channels may involve a lot of queu
Robinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’
Brayden Lindrea8 hours agoRobinhood Q1 crypto trading surges 224% — SEC action ‘disappointing’Robinhood’s crypto services contributed to nearly 40% of the firm’s transaction-based revenue and helped the firm pr
Helen Partz50 minutes agoNational Australia Bank joins crypto exchange boycott, cites ‘scams’National Australia Bank is the latest bank to announce blocks on certain cryptocurrency exchanges, citing the high risk of
Prashant Jha18 minutes agoSam Bankman-Fried just like Bernie Madoff, Cardano founder saysCharles Hoskinson likened SBF to Bernie Madoff, the mastermind behind the largest Ponzi scheme in history, and says the media is gi
Bitcoin Bollinger Bands hit level that saw BTC price squeeze past $50K
William Suberg1 hour agoBitcoin Bollinger Bands hit level that saw BTC price squeeze past $50KThe Bitcoin volatility indicator suggests that BTC price action is due for a breakout as it returns to levels last seen in mid
Positioning For Altcoin Season: Analyst Reveals When To Buy As Bitcoin Dominance Rises
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Monthly NFT Sales Have Dropped Over 65% Lower Than the Month Prior, NFT Google Queries Sink
Monthly NFT Sales Have Dropped Over 65% Lower Than the Month Prior, NFT Google Queries Sink Non-fungible token (NFT) sales are down a great deal, as 30-day statistics show NFT sale
Jesse Coghlan8 hours agoSEBA Bank secures in-principle nod for crypto services in Hong KongSEBA Hong Kong’s approval joins a flurry of regulated crypto activity that’s taken place over the past month.6350 Total views
Saudi Arabia plans $40B AI investment fund overseen by a16z: Report
Brayden Lindrea9 hours agoSaudi Arabia plans $40B AI investment fund overseen by a16z: ReportIf the $40 billion fund goes ahead, it would make Saudi Arabia the largest investor in the AI space.3668 Total views18 Total sh
Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons
Bankrupt Celsius Aims to Raise $14.4 Million From Bitcoin Mining Rig Credits and Coupons Defunct cryptocurrency lender Celsius aims to secure more than $14 million from credits and