On June 19, El Salvador’s President, Nayib Bukele, weighed on the current Bitcoin bear market, expressing concern that the country’s BTC holdings are in the red as a result of the ongoing crypto market downturn. According to Bukele, Bitcoin investors should stop gazing at the charts and start living their lives. He went on to explain that anyone holding BTC should feel secure in the knowledge that their investment is safe and will appreciate in value once the bear market ends.
Amid the recent market crash, investors are on high alert. In the face of falling Bitcoin prices, their emotions are rising. Now, Bukele offered advice to fellow Bitcoin investors that does not sit well with the crypto community.
Many people commented on his post, pointing out that El Salvador bought the majority of its Bitcoin at a much greater price than the current market value. While experts predict that BTC and other cryptocurrencies will continue to fall in value, on-chain analytics indicate that Bitcoin will regain its former glory.
Some twitter users suggested issuing Bitcoin Bonds to Bukele during the bear market.
As the world watches El Salvador’s Bitcoin economy implode, the country’s Finance Minister, Alejandro Zelaya, denies claims that the country has lost more than $40 million, saying:
“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”
Peter Schiff, the CEO and chief global strategist of Euro Pacific Capital In., has also reacted to El Salvador’s President, Nayib Bukele, opinion where he slammed Nayib Bukele by saying “That advice is as bad as your advice to buy the top.”
