Following another round of hefty losses, El Salvador’s president, Nayib Bukele, has sought to infuse some bitcoin optimism into the wounded crypto community. Nayib Bukele resorted to Twitter to convince cryptocurrency investors that things might not be as awful as they appear.
He recommended people to “enjoy life” instead of staring at the charts. Bitcoin prices fell to an 18-month low, slightly around $18,000 over the weekend, prompting these remarks.
Nayib Bukele said that “patience is the key”
“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 purchased his first batch of bitcoin for El Salvador’s treasury in early September 2021, when it was valued at a little over $51,000. At the time, there was two independent purchase of 200 BTC, each costing roughly $10 million.
Several additional purchases were made in the latter four months of the year, as well as in January. As per the Bukele portfolio analyzer, the final buy was 500 BTC on May 9.
El Salvador’s 2,301 BTC is now worth $46 million, down 56.4 percent from its purchase price of $105.6 million. The current dollar cost average is $45,908 per BTC, which is more than double its present value. El Salvador’s Finance Minister, Alejandro Zelaya, also denied worries that the country’s economy has been harmed by the crypto market fall.
“The budgetary risk is really modest,” he told Reuters last week before adding, “forty million dollars does not even constitute 0.5 percent of our national general budget.” He also stated that they had not suffered any losses as a result of not selling the coins.
Julio Sevilla, an associate professor at the University of Georgia’s Terry College of Business, indicated in a radio broadcast over the weekend that the sum was not significant.