Your BTC Investment Is Safe, It Will Grow Immensely After The Bear Market – Markets & Prices – Bitcoin News

The president of El Salvador has some advice for bitcoin investors. He believes that investments in the largest cryptocurrency are safe and will “grow tremendously” after the bear market.

President of El Salvador on investments in Bitcoin

The president of El Salvador, Nayib Bukele, has spoken out on bitcoin investments amid the sharp BTC sell-off.

El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the US dollar in September last year. With the bitcoin price falling, El Salvador’s BTC investment would have lost 50% of its value, or more than $50 million.

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

My advice: stop looking at the chart and enjoy life. If you invested in BTC, your investment is safe and its value will grow tremendously after the bear market. Patience is the key.

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

Salvadoran Finance Minister Alejandro Zelaya dismissed concerns last week, saying the “fiscal risk is extremely minimal.” And he added: “When they tell me that the fiscal risk for El Salvador for bitcoin is really high, the only thing I can do is smile.”

Bitcoin fell to a level not seen since 2020 earlier this weekend. At the time of writing, BTC is trading at $20,141, up 12% in the last 24 hours and up 33% in 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 drop to $12K. Doubleline Capital Jeffrey Gundlach said that he would not be at all surprised if Bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said that Bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said that Bitcoin could drop to $8K.

Do you agree with the president of El Salvador? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

image credits: Shutterstock, Pixabay, Wiki Commons

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