- El Salvador President Nayib Bukele tried to reassure people about the Bitcoin (BTC) price.
- When looking at BTC, it is important to keep in mind that this is not a first time occurrence for BTC, he said.
- BTC has set a higher low with every crash it has faced.
El Salvador President Nayib Bukele tried to reassure people about the Bitcoin (BTC) price. “Stop looking at the graph and enjoy life,” he posted on Twitter (NYSE:TWTR) on June 19. “If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is key.”
To be sure, this is not a first time occurrence for BTC. The crypto has seen multiple crashes in its lifetime, and has recovered from all of them.
In December 2017, BTC was doing well after hitting an all-time high of $19,497, but only days later, it saw a 29% drop in price. BTC ended up falling below $7,000 in early February 2018. In December 2018, BTC was only worth around $3,300.
BTC saw another crash in March 2020 during Covid-19. In a single day, BTC’s price dropped from $7,911 to $4,970 – a crash of around 37%.
May 2021 also brought rough waters for BTC. After reaching another record high of $63,314 on April 14, the crypto’s price dropped to $58,803 on May 7 and then dropped once again to $34,770 on May 22.
Hence, Bukele’s tweet intended to calm most investor’s nerves about BTC as the crypto has seen crashes before and survived all of them. Another noteworthy fact to take into consideration is the fact that BTC has set a higher low with every crash it has faced.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.