El Salvador’s President Says ‘Patience is the Key’ to Handle Bear Market

El Salvador’s president Nayib Bukele has asked people to be ‘patient’ after the price of the flagship cryptocurrency yesterday plummeted below $20,000, less than half the price the government paid. ‘Patience is the Key’ Over the weekend, the price of Bitcoin (BTC) slumped further from its earlier 18-months low to $17,708.62, signaling a full-blown crypto winter. However, as tensions rise amid falling BTC prices, El Salvador’s President Nayib Bukele decided to share advice over concerns about the prolonged bear market. In his tweet, Bukele advised his fellow investors to “stop looking at the graph and enjoy life.” He reassured investors about an inevitable comeback, stating that: “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,” the president wrote. 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 El Salvador’s Bitcoin Journey Hits Rough Patch El Salvador became the first country in the world to legalize Bitcoin and make it a legal tender back in 2021. Since then, the country’s President has been buying Bitcoin dips, with a lot of other proposed projects anchored on Bitcoin. The country has spent about $105 million on Bitcoin, starting last September and paying an average of almost $46,000 per coin. The value of that investment is now calculated to have fallen by over 57%, or around $61 million. Bitcoin has fallen to a level not seen since 2020 early this weekend. At the time of writing, BTC is currently trading at $19,955, up 9.8% from the past 24 hours and down 25.4% over the last seven days.

The post El Salvador’s President Says ‘Patience is the Key’ to Handle Bear Market appeared first on Cryptoknowmics-Crypto News and Media Platform.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://www.cryptoknowmics.com/news/el-salvadors-president-says-patience-is-the-key-to-handle-bear-market/?utm_source=rss&utm_medium=rss&utm_campaign=el-salvadors-president-says-patience-is-the-key-to-handle-bear-market