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El Salvador president addresses bear market issues with Bitcoin hopium

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El Salvador launched BTC as authorized tender on September 7, 2021, when its market worth was round $50,000. Ever since, Bukele’s authorities made vital returns on their preliminary BTC investments as Bitcoin rallied to its all-time excessive of $69,000, which was redirected to the nation’s varied infrastructure growth initiatives.

However, as tensions rise amid falling BTC costs, Bukele determined to share recommendation for fellow Bitcoin traders which may be involved in regards to the extended bear market.

Nayib Bukele, the president who helped Bitcoin (BTC) acquire authorized tender standing in El Salvador, addressed the rising issues of traders as BTC started buying and selling for underneath $20,000 for the primary time in 18 months.

In his tweet, Bukele suggested fellow traders to “stop looking at the graph and enjoy life.” He reassured traders about an inevitable comeback, stating that:

“If you invested in #BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”

The recommendation obtained blended reactions from the group as many identified the truth that El Salvador procured most of its BTC at a a lot larger worth than the present market worth. While critics count on BTC and different cryptocurrencies to proceed on the downward pattern, on-chain analytics sign the oncoming of Bitcoin’s reversal again to its former glory.

Some of the favored ideas to Bukele from the crypto group amid the bear market embody launching the Bitcoin Bonds.

Related: El Salvador ‘has not had any losses’ as a consequence of Bitcoin worth dive, Finance Minister says

As the world retains monitor of El Salvador’s Bitcoin economic system, Alejandro Zelaya, the Minister of finance of El Salvador, dismissed allegations in regards to the nation shedding over $40 million, stating:

“I have said it repeatedly: A supposed loss of 40 million dollars has not occurred because we have not sold the coins.”

In response to a journalist’s query about El Salvador’s response to Bitcoin’s sharp dip, Zelaya responded by saying that “There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”