President Bukele Advises Traders to Stop Checking Bitcoin’s Price and Enjoy Life

Rising pressure in the crypto market has led to heightened panic and massive sell-off among investors, but not everyone has giving into despair through these trying times for crypto. As Bitcoin (BTC) dipped below $19,000 during the weekend—its lowest level in 18 months, President of El Salvador Nayib Bukele decided to step in and comfort those in need of some reassurance.

On Monday, as Bitcoin (BTC) slowly regains its worth, the leading crypto’s market price is still a far cry from the price El Salvador paid for its hoard.

El Salvador was the first country in the world to adopt Bitcoin as a legal tender. The fateful legislation was instated on September 7th 2021, when Bitcoin was thriving at around the $50,000 mark. Later, when BTC reached its ATH of $69,000, Nayib Bukele utilized some of the profits to develop the infrastructure of El Salvador, which remains one of the poorest countries in Latin America, with 1 in 5 citizens below the poverty line.

Patience Is Key, Nayib Bukele Assures

According to the Nayib Tracker, which tracks the portfolio of Nayib Bukele, the President of El Salvador is down 54.9% since making his BTC investments. However, Bukele appears nonplussed about the current situation the market finds itself in, as “the investment is safe and its value will immensely grow after the bear market”.

Be that as it may, Minister of Finance Alejandro Zelaya recently claimed that the deficits people are seeing on the screen will be irrelevant if El Salvador intends to keep its Bitcoin (BTC) holdings, not sell them. “A supposed loss of $40 million has not occurred because we have not sold the coins”, Alejandro Zelaya stated firmly.

Even amidst the market dilemna, the government of El Salvador had been building on its plans to release the highly anticipated ‘Volcano bonds’, which will be backed by Bitcoin. the Government of Nayib Bukele are yet to announce an official date that the bonds will become active, though the release has already been postponed twice due to “unfavorable conditions”.

On the Flipside

• El Salvador is due to pay an $800 million loan in January 2023, and it is unclear whether the small Latin American country will be able to repay it on time if its Bitcoin bonds are not launched.