The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market.
El Salvador’s President on Bitcoin Investments
BTC‘s heavy 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 price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million.
My advice: stop looking at the graph and enjoy life. If you are invested in BTC your investment is safe and its value will grow immensely after the bear market. Patience is the key.
MANY PEOPLE HAVE VOICED ConceRET EL Salvador’s Fiscal Health Due to a Large Bitcoin Position on the Country’s Balance Sheet.
The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He AdDED: “WHEN THEY TELL ME THE FISCAL RISK FOR EL Salvador of Bitcoin Is Really High, The only Thing I Can Do Is Smile.”
Bitcoin fell to a level not seen since 2020 early this weekend. At the time of writing BTC IS Trading at $ 20.141, UP 12% Over The Past 24 Hours and 33% Over The Last Seven Days.
However, some others are less optimistic about where bitcoin is headed. Mad Money Host Jim Cramer expectations BTC to fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said bitcoin could plunge to $8K.
Do you agree with El Salvador’s president? Let us know in the comments section below.
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