El Salvador’s President predicted the bitcoin rate to “immensely grow”

Nayib Bukele urged investors to be patient and wait for the bear market to end

20.06.2022 - 11:10

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2 min

What’s new? El Salvador’s President Nayib Bukele wrote on his Twitter account that bitcoin will show “immensely grow” once the bear market ended. Bukele urged investors to remain patient and recommended: “stop looking at the graph and enjoy life.”

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

Cryptocurrency situation in El Salvador. On May 30, Bukele reported the state’s purchase of 500 BTC. The country bought the cryptocurrency at $30 744 for a total of $15,3 million. El Salvador currently owns 2031 BTC ($42,10 million at the exchange rate on June 20, according to Binance).

In response to Bukele’s tweet, the CEO of Euro Pacific Capital Inc. and economist Peter Schiff said that his “advice is as bad as your advice to buy the top.”

“How can you say an investment in bitcoin is safe when it has already lost 75% of its market value? You have no idea how low the price will fall during this bear market, or that the price will ever recover to current levels,” Schiff noted.

That advice is as bad as your advice to buy the top. How can you say an investment in #Bitcoin is "safe' when it has already lost 75% of its market value? You have no idea how low the price will fall during this bear market, or that the price will ever recover to current levels.— Peter Schiff (@PeterSchiff) June 19, 2022

Earlier, El Salvador postponed the issuance of its Vulcano Bonds bitcoin bonds for the second time. According to Finance Minister Alejandro Zelaya, now is not the right time to implement such investment products.

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