Tras la caída que llevó al precio de Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. below USD $20,000 last weekend, Bukele asked his followers to stop following the graphs and enjoy life, reminding them that any investment in BTC is safe in the long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. term.
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- Bukele calls for calm after the fall in the price of Bitcoin.
- Invites people to “stop looking at the charts and enjoy life”.
- Residents and analysts worry about the value of El Salvador’s BTC reserves.
- Government invested more than USD $100 million and accumulated about USD $2,301 BTC.
One of the biggest concerns for those who follow the crypto ecosystem closely is the situation in El Salvador, the first country that chose to recognize cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. as an official currency. Bitcoin, being one of the main affected after the arrival of the crypto winter just because it had been accumulating BTC for your reservations.
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In the face of these concerns among residents and market analysts, President Nayib Bukele shared a message this weekend to all his supporters, inviting them to remain calm and reiterating that things might not be as bad as they seem at first glance.
This was stated by Bukele in a publication through his account an account is essentially a whose purpose is to track the financial activities of a specific asset/ of Twitter, where he said the following:
“I see some people are worried or anxious about the price of Bitcoin in the market… My recommendation: Stop looking at the charts and enjoy life. If you invested in Bitcoin, your investment is safe and its value is going to grow immensely once the bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market an area or arena, online or offline, in which commercial dealings are conducted. passes.”
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
Bukele’s message came last Saturday, June 18, the same day that the price of Bitcoin went down and fell below the USD $20,000 barrier for the first time since mid-December 2020.
Despite this outlook, Bukele seems to be holding firm to the prospect that he will Bitcoin is an investment designed for the long term, so its value could multiply in the coming years as the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. sees better conditions in terms of adoption and market. Let’s keep in mind that many analysts maintain the thesis that cryptocurrency could become the new “digital gold”, precisely because of its underlying technology, its value proposition and its deflationary characteristics.
El Salvador and the reserves Bitcoin
While Bukele invites his followers to remain calm, one of the issues of great concern to residents and analysts is the current status of the reserves. BTC of the country, as since the adoption of the digital currency was finalized, the state has made substantial investments to start keeping cryptocurrency funds in its coffers.
Between September 6, 2021 and May 9 of this year, El Salvador has accumulated a total of 2,301 bitcoins for which it paid more than USD $100 million. Dividing the total amount of BTC by the estimated market price at the time of publishing (USD $20,000), the transaction yields a result of about USD $46.1 million, which would represent a loss of 54% of the invested capital.
However, another who called for calm was the Minister of Finance, Alejandro Zelaya, who said that the collapse seen in the market does not compromise the country’s fiscal situation, adding:
“When they say that the fiscal risk in El Salvador by the Bitcoin is very high, the only thing that makes me laugh and I think that any serious economist should cause the same, because it really is a very superficial analysis and speak only from ignorance”.
For the time being, both Bitcoin as the digital currencies market seems to remain under the effects of the crypto winter. Therefore, we can only wait and see how the ecosystem evolves in the coming months.
- Despite Bitcoin’s fall, El Salvador “has not had losses,” says Finance Minister
- 71.1% of respondents in El Salvador say that the Bitcoin Law did not improve their finances “at all”.
- El Salvador keeps postponing Bitcoin bond issuance while waiting for better market conditions
Source: Twitter, Bitcoinist
Version by Angel Di Matteo / DiarioBitcoin
Imagen de Unsplash
