What did President Nayib Bukele say about the fall in the price of Bitcoin?

President Nayib Bukele
  • The president of El Salvador, Nayib Bukele, called for patience and not to worry about the drop in the price of Bitcoin.
  • At the current price of Bitcoin, the investment from El Salvador would be losing more than 50 million dollars
  • Bukele has been firm in his conviction about the long-term value of Bitcoin.

In the midst of the bear market for Bitcoin and other cryptocurrencies, the President of El Salvador, Nayib Bukele, shared his perspective on the current context. The president who promoted the Bitcoin Law in the Central American country said on June 18 that the funds in the cryptocurrency are safe and that there is no reason to worry.

Through the social network Twitter, President Bukele urged people to stop looking at the Bitcoin price chart and to stop worrying about the bear market. The ruler of El Salvador stressed that patience is essential at this stage, and stated the following: “If you invested in #BTC, your investment is safe and its value will grow a lot after the bear market.”

The above comment from the Salvadoran president demonstrates the firm conviction he has around the long-term value of Bitcoin. One day before the Bitcoin Law came into force in El Salvador, President Bukele announced the first purchase of BTC with state funds, on September 6, 2021.

In total, Bukele has so far announced nine Bitcoin purchases, so that El Salvador would have a total of 2,301 BTC in its reserves, purchased at an average price of 44,189 USD. With the current price of Bitcoin, if the State were to sell those funds today, the losses would be more than 50 million dollars.

Like Bukele, deputy Dania González, a member of the Financial Commission of the Legislative Assembly of El Salvador, stated that when prices fall, it is time to buy more Bitcoin. In an interview published at the end of May, González asserted that the BTC price correction has not affected his country, shared his support for Bukele’s strategy and highlighted the projects achieved with the profits obtained, such as the construction of a veterinary hospital.