The president of El Salvador Nayib Bukele addressed the rising concerns of investors as BTC began trading for under $20,000 for the first time in 18 months.
El Salvador introduced Bitcoin as legal tender on September 7, 2021, when its market price was around $50,000. Ever since the government made significant returns on their initial BTC investments as Bitcoin rallied to its all-time high of $69,000, which was redirected to the countries various infrastructure development initiatives.
However, as tensions rise amid falling BTC prices, Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the extended bear market.
The president advised fellow investors to stop looking at the graph and enjoy life. He reassured investors about an inevitable comeback of BTC.
The advice received mixed reactions from the community as many pointed out the fact that El Salvador procured most of its BTC at a much higher price than the current market value. While critics expect BTC and other cryptocurrencies to continue on the downward trend, on-chain analytics signal the oncoming of Bitcoin’s reversal back to its former glory.
