El Salvador President Bukele Addresses Bear Market Concerns With Bitcoin Hopium

El Salvador president Nayib Bukele has addressed bear market concerns with bitcoin hopium

iexclusivenews reports that BTC became legal tender in El Salvador on September 7, 2021. When its market price was around $50,000. Since then, Bitcoin rose to an all-time high of $69,000.

Mr Bukele’s government has gained considerable returns on its initial BTC investments. Which have been reallocated to the country’s many infrastructure development efforts.

However, iexclusivenews Nigeria reports that as emotions build in the face of declining Bitcoin prices.

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Mr Bukele has decided to offer advice to fellow Bitcoin investors who may be concerned about the market’s prolonged bear market.

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This online news outlet understands that as Bitcoin (BTC) began trading for less than $20,000 for the first time in 18 months.

Nayib Bukele, the president who helped Bitcoin (BTC) achieve legal cash status in El Salvador, addressed investor worries.

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

Mr Bukele urged fellow investors to “stop gazing at the graph and enjoy life” in a tweet. He reassured investors that a return was unavoidable, saying:

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“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”

The advise was met with varied reactions from the community. With many pointing out that El Salvador obtained the majority of its BTC at a far higher price than the current market value.

While detractors predict that BTC and other cryptocurrencies will continue to decline, on-chain analytics point to Bitcoin’s return to its former glory.

If I might make a humble suggestion. Great time to launch your #Bitcoin bonds

— Alistair Milne (@alistairmilne) June 19, 2022

Among the many ideas made to Bukele by the crypto community during the bear market is the issuance of Bitcoin Bonds.

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Meanwhile, iexclusivenews Nigeria reports that as the globe monitors El Salvador’s Bitcoin economy.

The country’s finance minister, Alejandro Zelaya, denied claims that the country had lost more than $40 million, stating:

“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”

“There is a clear criticism of Bitcoin as such, not of El Salvador’s approach,”

Zelaya said in answer to a journalist’s inquiry regarding El Salvador’s reaction to Bitcoin’s precipitous drop.