El Salvador President Shares Advice to Bitcoin Investors Amid Downturn

El Salvador President Shares Advice to Bitcoin Investors Amid Downturn

  • Salvador’s finance minister, said the “fiscal risk is extremely minimal.” 
  • Jim Cramer, the presenter of Mad Money, thinks Bitcoin will fall below $12,000.

There are some words of wisdom for bitcoin investors from El Salvador’s president, though. In his opinion, bitcoin investments are secure and will “immensely grow” after the downturn market.

Patience is the Key as per Bukele

Nayib Bukele, the president of El Salvador has spoken out regarding bitcoin investments in the wake of the cryptocurrency’s steep decline. After becoming Bitcoin legal money in September of last year, El Salvador acquired 2,301 bitcoins. El Salvador’s BTC investment has allegedly lost over $50 million in value due to the recent decline in the price of bitcoin. Bukele tweeted on Saturday: “I see that some people are worried or anxious about the bitcoin market price.”

Bukele tweeted:

“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 individuals are worried about El Salvador’s fiscal health because of the country’s massive bitcoin holdings. According to Alejandro Zelaya, Salvador’s finance minister, the “fiscal risk is extremely minimal.” 

Early this weekend, Bitcoin plummeted to a level that hasn’t been seen since early 2020. Currently, Bitcoin is trading at $20,141 and has risen by 12 percent in the previous 24 hours and by 33 percent in the last seven days, respectively. Bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci are among others who share Bukele’s confidence.

Others, on the other hand, are more pessimistic about the future of bitcoin. Jim Cramer, the presenter of Mad Money, thinks Bitcoin will fall below $12,000. According to Jeffrey Gundlach of Doubleline Capital, the price of bitcoin might go as low as $10,000. Robert Kiyosaki, the author of Rich Dad, Poor Dad, predicted that the bitcoin price would fall below $9,000.

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