El Salvador's President Nayib Bukele has come out in defense of Bitcoin, saying its price will rise and asking investors to be patient.
The President of El Salvador, Nayib Bukele, has addressed the problems that the cryptocurrency market is experiencing. Faced with the fear and uncertainty caused by the current fall in the prices of Bitcoin and other cryptocurrencies, the president has appeared on Twitter to reassure the community that the price will recover.
Last week, the price of Bitcoin reached fall below $18.000 for the first time since 2020, which caused panic in the market and led many investors to sell.
Since then, the price has recovered slightly and at the time of writing, is located at $21.179, with increases of almost 3% in the last 24 hours.
President Bukele has addressed the situation and has asked the people who have patience and stop focusing on price charts. Bukele is convinced that Bitcoin is safe and will regain its value.
“I see some people are worried about the market price of Bitcoin. My advice: stop looking at the charts and enjoy life. If you have invested in #BTC your investment is safe and its value will grow a lot when the bear market passes“Patience is the key,” Bukele’s tweet says.
El Salvador and Bitcoin
Since Bitcoin became legal tender in El Salvador in September, the country's administration has invested more than $100 million in taxpayer funds to buy at least 2.300 BTC, at an average price of $51.000 each.
However, after the market crash, the actual value of El Salvador's Bitcoin holdings is said to be around $46 million, representing a loss of 56,5%.
Despite concerns about a possible continued price decline, Finance Minister Alejandro Zelaya has denied that the price of Bitcoin will affect the country's financial and economic health.
A Canadian company wants to launch tokens in El Salvador
Canadian NFT company Astro Babies has a plan to develop a casino in the metaverse and another physical one, in El Salvador, along with the launch of its own token, the Salvadoran Crypto Initiative (SCI).
The project intends to donate 30% of its final profits to the government of El Salvador, in order to finance public projects and benefit the Salvadoran population.
Wes Karniej, one of the founders of Astro Babies, explained that each transaction made with SCI has a 10% commission. Of this amount, 5% is allocated to cultural, health, art or housing projects.
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