Neb Bukele, president of El Salvador legal tender for Bitcoin (BTC) spoke to investors worried that the price of BTC has fallen below $20,000 for the first time in 18 months.
El Salvador introduced Bitcoin as legal tender on September 7, 2021, when its market price was around $50,000. Since then, Bukele’s government has made significant returns on its initial investment – money that was then reinvested in infrastructure within the country.
But the value of the asset has dropped dramatically lately, and Bukele decided to share some tips on how to survive a bear market:
“I see some people are worried or worried about the current market price of Bitcoin.
My advice? Stop looking at charts and enjoy life. If you have invested in Bitcoin, your investment is safe and its value will grow exponentially at the end of a bear market.
You have to be patient. “
I see some people are worried or worried about # bitcoin market price.
My advice: stop looking at the graph and enjoy life. If you invested in #BTC Your investment is safe and will grow exponentially in value after a bear market.
Patience is the key.
– Neb Bukele (@nayibbukele) June 19, 2022
The advice was not well accepted by society, and many pointed it out El Salvador bought its bitcoins at a price much higher than the current market value.
Alistair Milne, a well-known British entrepreneur and investor, suggested that Bukele now launch its BTC bond:
“If I can make a modest suggestion, now is the time to launch your bitcoin bond.”
If I could make a modest suggestion. Great time to launch a file # bitcoin bonds
– Alistair Milne June 19, 2022
Alejandro Zelaya, Minister of Finance of El Salvador, also denied allegations that the country lost more than $40 million due to its BTC investment:
“I still say that. There was no loss of $40 million because we didn’t sell the coins.”