The President of El Salvador has some advice for bitcoin HODLers

The President of El Salvador has some advice for bitcoin investors. He believes that investing in primary cryptocurrencies is safe and will "grow enormously" after the bear market.

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President of El Salvador for bitcoin investors

Salvador's president, Nayib Bukele, spoke of bitcoin investments amid strong BTC sales.

El Salvador has bought 2,301 BTCs since the country made BTC legal tender alongside the US dollar in September last year. With the fall in the price of Bitcoin, the investment of El Salvador BTC 50 % lost its value, ie more than $ 50 million.

"I see some people worried or worried about the market price of Bitcoin," wrote Bukele on Saturday on Twitter and added:

My advice: stop looking at the chart and enjoy life. If you have invested in BTC, your investment is safe and its value after the bear market will increase enormously. Patience is key.

Many people have expressed concerns about El Salvador's fiscal health due to Bitcoin's large position in the country's balance sheet. Salvadoran Finance Minister Alejandro Zelaya dismissed concerns in an interview with local news last week, saying that "fiscal risk is extremely minimal." He finished the answer with the words:

"When they tell me that the fiscal risk for Salvador over Bitcoin is really high, all I can do is smile."

The Treasury Minister of El Salvador complained a few days ago about the media's coverage of the matter, noting that the news was biased due to the attitude of some media towards Bitcoin.:

I even saw Deutsche Welle, with all due respect, I saw biased reports saying that Salvador was pulling down a $ 40 million fiscal risk. Oh my god! Our nation's general budget is nearly $ 8,000 million; $ 40 million is not even 0.5 % of our budget.

Bitcoin dropped earlier this weekend to a level not seen since 2020. At the time of writing, BTC is trading at $ 20,369, an increase of 6.5 % over the past 24 hours.

Some people share Bukeke's optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci.

However, some others are less optimistic about where Bitcoin is headed. Mad Money moderator Jim Cramer expects BTC to drop to $ 12,000. Investor Jeffrey Gundlach, founder of Doubleline Capital he said he wouldn't be surprised at all if Bitcoin dropped to $ 10,000. Bestseller Author Rich Dad Poor Dad Robert Kiyosaki said Bitcoin could bottom out at $ 9,000. Guggenheim chief investment officer Scott Minerd said Bitcoin could fall to $ 8,000.

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.