Nayib Bukele, famous Bitcoin supporter and President of El Salvador, wants to reassure investors during this prolonged bearish phase.
The fall in the price of Bitcoin does not worry the President of El Salvador
El Salvador’s exposure to Bitcoin is very high indeed and the collapse of its value is generating panic among the community.
On Saturday 18 June, BTC broke the $20,000 support, a level that represents a very critical psychological threshold for investors.
For many analysts, this can only mean the beginning of the collapse, which could turn into one of the most catastrophic bearish phases ever.
However, the President of El Salvador does not appear worried at all. On the contrary, a hint of irony can also be seen in his tweet:
Видим да су неки људи забринути или забринути због тога #Битцоин тржишна цена.
Мој савет: престаните да гледате у графикон и уживајте у животу. Ако сте инвестирали у #БТЦ ваша инвестиција је безбедна и њена вредност ће значајно порасти након тржишта медведа.
Стрпљење је кључ.
- Наииб Букеле (@наииббукеле) Јун 19, 2022
It is nothing new that losing millions of dollars in a few days generates anxiety and concern. But Nayib Bukele, from the height of his immense knowledge, recommends staying calm:
“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”.
Responses to Наииб Букеле‘s tweet
The President’s comment generated divergent reactions among the community: there are those who remain optimistic, seeing an opportunity, and those who turn their noses up at these “recommendations” seemingly devoid of logical sense.
The first response is that of Алистаир Милне, who sees this as a good time to launch the long-awaited Битцоин обвезнице:
Ако могу да дам скроман предлог. Одлично време да покренете свој #Битцоин обвезнице
- Алистаир Милне (@алистаирмилне) Јун 19, 2022
The second is that of the famous Петер Сцхифф:
Тај савет је лош као и ваш савет да купите врх. Како се може рећи инвестиција у #Битцоин да ли је „безбедно“ када је већ изгубило 75% своје тржишне вредности? Немате појма колико ће ниско цена пасти током овог медвеђег тржишта, или да ће се цена икада опоравити на тренутне нивое.
- Петер Сцхифф (@ПетерСцхифф) Јун 19, 2022
His comment, which appears to be driven more by a логично и рационално sense, certainly makes one reflect on what has been happening in the markets over the past period.
The complicated relationship between the country of Nayib Bukele and Bitcoin
Citizens are beginning to fear what the consequences of a further market crash might be, driven primarily by strong negative returns on Bitcoin. Any investor with a modicum of basic knowledge knows that a lack of diversification is always a big mistake in risk management.
Some might think that rather than advice for investors, Nayib Bukele’s tweet might be a response to the fear that lurks among Salvadorans.
Ел Салвадор је направио Законско средство плаћања Битцоин on 7 September 2021, when it was worth $50,000. A few months later its value touched the АТХ од 69,000 долара, generating immense confidence in the country’s choice.
This confidence then began to wane after the last purchase of КСНУМКС БТЦ last May. The price was око $ КСНУМКС and the transaction, which only increased exposure to Bitcoin, was signed with the famous “Купите умок".
El Salvador is currently at a loss of around $40 million, but Алејандро Зелаиа, the country’s Finance Minister, denied these allegations, stating:
“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins”.
Based on this response, it is arguable that he is right. Indeed, the loss has not yet occurred, but it certainly puts a strain on the overall health of the country’s economy.
Source: https://en.cryptonomist.ch/2022/06/20/president-el-salvador-bitcoin-community/