El Salvador President Nayib Bukele has encouraged Bitcoin investors to worry less about the ongoing downward spiral in the market. Bukele is optimistic that the leading cryptocurrency will regain its bullish trend, and prices will pump once the bear market is over.
Bukele: Your Bitcoin Investment is Safe
Bukele took to Twitter to advise Bitcoin investors on Sunday, encouraging them to enjoy life instead of worrying about the current bloodbath because their BTC investment is safe.
According to the El Salvador president, the price of BTC will grow significantly after the bear market, and as such, investors should be patient and stop looking at the price charts.
I see that some people are worried or anxious about the #Bitcoin market price.
My advice: stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market.
Patience is the key.
— Nayib Bukele (@nayibbukele) June 19, 2022
El Salvador’s Bitcoin Portfolio Down 50%
Since President Bukele signed the Bitcoin law into effect to make El Salvador the first nation in the world to adopt bitcoin as a legal tender, the country has added a total of 2,301 BTC worth about $70 million at the time of its last purchase. El Salvador’s last Bitcoin purchase was in May when Bukele announced the country had bought the dip at an average price of $30,744.
However, the recent market downtrend puts El Salvador at a nearly 50% loss with around $40 million unrealized loss. And as citizens and speculators became concerned about the risk El Salvador’s Bitcoin investment poses to its fiscal health, the country’s Finance Minister Alejandro Zelaya quickly put minds at ease that the financial risk is “extremely minimal.”
According to Zelaya, the $40 million unrealized loss does not represent 0.5% of the country’s national general budget.
Meanwhile, El Salvador recently marked its first Bitcoin legal tender anniversary.