Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

President Bukele Advises Traders to Stop Checking Bitcoin’s Price and Enjoy Life

Cryptocurrency Jun 20, 2022 11:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
President Bukele Advises Traders to Stop Checking Bitcoin’s Price and Enjoy Life

Rising pressure in the crypto market has led to heightened panic and massive sell-off among investors, but not everyone has giving into despair through these trying times for crypto. As Bitcoin (BTC) dipped below $19,000 during the weekend—its lowest level in 18 months, President of El Salvador Nayib Bukele decided to step in and comfort those in need of some reassurance.

On Monday, as Bitcoin (BTC) slowly regains its worth, the leading crypto’s market price is still a far cry from the price El Salvador paid for its hoard.

El Salvador was the first country in the world to adopt Bitcoin as a legal tender. The fateful legislation was instated on September 7th 2021, when Bitcoin was thriving at around the $50,000 mark. Later, when BTC reached its ATH of $69,000, Nayib Bukele utilized some of the profits to develop the infrastructure of El Salvador, which remains one of the poorest countries in Latin America, with 1 in 5 citizens below the poverty line.

Patience Is Key, Nayib Bukele Assures

According to the Nayib Tracker, which tracks the portfolio of Nayib Bukele, the President of El Salvador is down 54.9% since making his BTC investments. However, Bukele appears nonplussed about the current situation the market finds itself in, as “the investment is safe and its value will immensely grow after the bear market”.

Be that as it may, Minister of Finance Alejandro Zelaya recently claimed that the deficits people are seeing on the screen will be irrelevant if El Salvador intends to keep its Bitcoin (BTC) holdings, not sell them. “A supposed loss of $40 million has not occurred because we have not sold the coins”, Alejandro Zelaya stated firmly.

Even amidst the market dilemna, the government of El Salvador had been building on its plans to release the highly anticipated ‘Volcano bonds’, which will be backed by Bitcoin. the Government of Nayib Bukele are yet to announce an official date that the bonds will become active, though the release has already been postponed twice due to “unfavorable conditions”.

On the Flipside

  • El Salvador is due to pay an $800 million loan in January 2023, and it is unclear whether the small Latin American country will be able to repay it on time if its Bitcoin bonds are not launched.

Continue reading on DailyCoin

President Bukele Advises Traders to Stop Checking Bitcoin’s Price and Enjoy Life
 

Related Articles

Nvidia ups its metaverse bet with new developer tools
Nvidia ups its metaverse bet with new developer tools By Cointelegraph - Aug 10, 2022

Hardware maker Nvidia (NASDAQ:NVDA) is ramping up its efforts to make a stand in the Metaverse. On Tuesday, the company revealed a new set of developer tools focused on metaverse...

Crypto detective ZachXBT exposes NFT thieves
Crypto detective ZachXBT exposes NFT thieves By BTC Peers - Aug 10, 2022

Popular crypto sleuth ZachXBT has exposed the activities of two prolific NFT thieves who may have swindled collectors of over $2.5 million worth of NFTs since December...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email