El Salvador President Says Bitcoin’s Price Value Will Grow Immensely After the Bear Market
On 7th September of the recent year, Bitcoin was sanctioned into a legal tender by El Salvador, when $50,000 was the price of the primary crypto token. After that up till now, many important returns have been collected on the behalf of the government under Bukele on their earliest BTC investments as the crypto asset touched $69,000 (which is its all-time high) and that became the reason behind several initiatives that the country took for its infrastructure’s development.
Nonetheless, as a significant decline is being witnessed in the price of the token at the moment, Nayib Bukele (the president of El Salvador) took to Twitter to advise the relative BTC investors (who may be cautious regarding the extended bear market) that they should not have any apprehensions regarding the current scenario of the coin. The president talked about the currency that is currently trading below $20,000 (for the first time during the span of the recent 18 months).
In the tweet, a piece of advice was given by Bukele to his fellow BTC investors, noting that they should bother about the position of the graph that shows the statistics of the top cryptocurrency and should engage in some other affairs. He expressed being hopeful about the return of Bitcoin in terms of value. As per him, if someone has invested in Bitcoin he should keep in mind that his investment is secure and a massive upsurge will take place in the asset’s worth following the denouement of the bear market. The president said that they should not lose hope.
The community gave mixed responses to the advice and several people mentioned that the country acquired a majority of the Bitcoin tokens in its possession at a considerably higher price compared with the present one. Although the critics anticipate that a downtrend of Bitcoin and the rest of the cryptocurrencies will continue, on-chain analytics indicate that BTC will shortly get back to its previous prestige.
Among the recommendations proposed by the crypto community to Bukele, for the current bear market, one was that Bitcoin Bonds should be launched by the country. While the world has its eyes fixed on the economy of El Salvador, the country’s finance Minister – Alejandro Zelaya – eliminated accusations that it has lost more than $40M. He disclosed that such a loss has not taken place as no tokens have been traded by it.
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