{"id":699,"date":"2022-06-19T20:50:01","date_gmt":"2022-06-19T20:50:01","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/el-salvador-president-addresses-bear-market-concerns-with-bitcoin-hopium\/"},"modified":"2022-06-19T20:50:01","modified_gmt":"2022-06-19T20:50:01","slug":"el-salvador-president-addresses-bear-market-concerns-with-bitcoin-hopium","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/el-salvador-president-addresses-bear-market-concerns-with-bitcoin-hopium\/","title":{"rendered":"El Salvador president addresses bear market concerns with Bitcoin hopium"},"content":{"rendered":"
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As tensions rise amid falling BTC prices, President Nayib Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market. <\/p>\n

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33 <\/span> Total shares <\/span><\/p>\n<\/div>\n

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El Salvador introduced BTC as legal tender on September 7<\/a>, 2021, when its market price was around $50,000. Ever since, Bukele’s government made significant returns on their initial BTC investments as Bitcoin rallied to its all-time high of $69,000<\/a>, which was redirected to the country’s various infrastructure development initiatives<\/a>. <\/p>\n

However, as tensions rise amid falling BTC prices, Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market. <\/p>\n

Nayib Bukele<\/a>, the president who helped Bitcoin (BTC<\/a>) gain legal tender status in El Salvador, addressed the rising concerns of investors as BTC began trading for under $20,000<\/a> for the first time in 18 months.<\/p>\n

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I see that some people are worried or anxious about the #Bitcoin<\/a> market price.<\/p>\n

My advice: stop looking at the graph and enjoy life. If you invested in #BTC<\/a> your investment is safe and its value will immensely grow after the bear market.<\/p>\n

Patience is the key.<\/p>\n<\/div>\n

— Nayib Bukele (@nayibbukele) June 19, 2022<\/a><\/p><\/blockquote>\n

In his tweet, Bukele advised fellow investors to “stop looking at the graph and enjoy life.” He reassured investors about an inevitable comeback, stating that: <\/p>\n

“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”<\/p><\/blockquote>\n

The advice received mixed reactions from the community as many pointed out the fact that El Salvador procured most of its BTC at a much higher price than the current market value. While critics expect BTC and other cryptocurrencies to continue on the downward trend, on-chain analytics signal the oncoming of Bitcoin’s reversal<\/a> back to its former glory. <\/p>\n

Some of the popular suggestions to Bukele from the crypto community amid the bear market include launching the Bitcoin Bonds.<\/p>\n

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If I might make a humble suggestion. Great time to launch your #Bitcoin<\/a> bonds<\/p>\n

— Alistair Milne (@alistairmilne) June 19, 2022<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>El Salvador ‘has not had any losses’ due to Bitcoin price dive, Finance Minister says<\/em><\/strong><\/a><\/p>\n

As the world keeps track of El Salvador’s Bitcoin economy, Alejandro Zelaya, the Minister of finance of El Salvador, dismissed allegations about the country losing over $40 million, stating: <\/p>\n

“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”<\/p><\/blockquote>\n

In response to a journalist’s question about El Salvador’s reaction to Bitcoin’s sharp dip, Zelaya responded by saying that “There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”<\/p>\n