El Salvador’s president tells investors not to worry about bitcoin price drop

El Salvador’s President Nayib Bukele urged bitcoin investors not to worry about the Bitcoin price. He said that investments in digital gold will grow immensely after the bear market ends.

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

“I see that some people are worried or anxious about Bitcoin’s market price. My advice: stop looking at the graphs and enjoy life. If you invested in BTC, your investment is safe and its value will grow immensely after the bear market. Patience is the key,” he wrote.

In response, gold advocate Peter Schiff said Bukele’s advice was as bad as his recommendation to “buy the top”. The latter is likely a nod to the stock-market slogan “buy the dip,” which Bukele often mentioned.

That advice is as bad as your advice to buy the top. How can you say an investment in #Bitcoin is «safe’ when it has already lost 75% of its market value? You have no idea how low the price will fall during this bear market, or that the price will ever recover to current levels.

— Peter Schiff (@PeterSchiff) June 19, 2022

“How can you say that investments in bitcoin are safe when they have already lost 75% of their market value? You have no idea how low the price will fall during this bear market, or whether the quotes will recover to current levels,” he said.

Earlier Schiff said that the crash of the cryptocurrency market is beneficial for the economy. He also added that even if digital assets have a future, Bitcoin will never become part of it.

In El Salvador’s state Bitcoin fund, is stored 2301 BTC, whose value at the time of writing is estimated at $44.31 million. With an average purchase price of $43,900, the country’s ‘paper’ loss has already exceeded $56 million.

In March 2022, El Salvador planned to issue the first Bitcoin bonds worth $1 billion.

In June, the government acknowledged its lack of readiness to launch the instrument in the near future.

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