Friday, June 21, 2024

El Salvador’s president responds to bear market fears by expressing hope for Bitcoin.

As the market is turning bearish and the Bitcoin prices are falling the president of El Salvador, Nayib Bukele, decided to address concerns with some advice.

It was Nayib Bukele who pushed for giving Bitcoin (BTC) the status of a legal tender in El Salvador. Clearly President Bukele supports the digital asset. Therefore, when BTC plummeted below the $20,000 trading mark, President Bukele decided to help suffering crypto investors by giving them advice and encouragement.

When Bitcoin Became a Legal Tender

In 2021, El Salvador adopted Bitcoin as a legal tender. The cryptocurrency was trading at the $50,000 price level. From here till Bitcoin experienced its highest price mark at $69,000, the country of El Salvador enjoyed its returns on the initial investment.

So it was only natural for President Bukele to speak on the occasion of BTC’s tragic price drop. The President took to Twitter to address concerns. He began by first addressing all the investors who are stressed by BTC’s decline in price. Then, he continued to reassure the investors that their investment in BTC is secure. He advised them to endure the bearish trend in the market. According to President Bukele, BTC will recover soon after the bear market wears down.

Mixed Reactions to the President’s Statement

Some critics took a dig at President Bukele’s comments. They said that El Salvador purchased its BTC stocks when the price levels were higher than the current value.

Many critics also believe that all cryptocurrencies will continue to experience a downward trend. But according to on-chain analytics, BTC is actually going to recover back to its initial glory.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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