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Bitcoin Funding Is Safe And Will Grow Significantly After The Bear Market, Says President Nayib Bukele

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El Salvador’s president, Nayib Bukele, has spoken out regarding bitcoin investments in the midst of the cryptocurrency’s steep decline.

Since the country adopted BTC legal tender alongside the US dollar in September of last year, El Salvador has purchased 2,301 bitcoins. El Salvador’s bitcoin holdings are said to have lost 50% of their value, or about $50 million, as a result of the sharp decline in the value of bitcoin.

Bukele tweeted on Saturday, “I see that some people are frightened or anxious in respect to the bitcoin market value: “My recommendation: cease trying on the graph and luxuriate in life. When you invest in BTC your funding is secure and its worth will develop immensely after the bear market. Persistence is the important thing.”

Due to a significant Bitcoin presence on the country’s balance sheet, several people have expressed concerns about El Salvador’s financial stability.

Alejandro Zelaya, the Salvadoran finance minister, rejected concerns last week by claiming that the “fiscal threat is exceptionally minimal.” He added: “After they inform me that the fiscal threat for El Salvador due to bitcoin is de facto excessive, the one thing I can do is smile.”

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Early this weekend, Bitcoin declined to a level not seen since 2020. BTC is currently trading at $20,141, up 12 percent from the previous 24 hours and 33 percent from the previous 7 days, as of the time of writing.

Michael Saylor, a proponent of bitcoin, and Anthony Scaramucci, the founder of Skybridge Capital, are among those who share Bukeke’s optimism.

On the other hand, many are much less certain of bitcoin’s future. BTC is predicted to decline to $12K by Mad Cash host Jim Cramer. Capital Doubleline According to Jeffrey Gundlach, he won’t be at all surprised if the price of bitcoin falls to $10,000. Bitcoin may bottom out at $9K, according to Wealthy Dad Poor Dad author Robert Kiyosaki. Bitcoin may drop to $8K, according to Guggenheim CIO Scott Minerd.