The President of El Salvador tried to put some hope in the community when the market was bleak.
Nayib Bukele took to Twitter to reassure crypto investors that things might not be as bad as they thought.
He advise people should stop looking at the charts and “enjoy life”. Meanwhile, the price of bitcoin dropped to lowest in 18 months.
“If you invest in BTC, your investment will be safe and its value will increase significantly after the bear market. Patience is key,” he added.
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 invest 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
Bukele bought the first bitcoin for the treasury of El Salvador in early September 9 when BTC was trading at over $51.000.
There have been several more purchases in the last four months of the year and again in January. The last purchase was 500 BTC in April 9.
Present value of 2.301 BTC of El Salvador is 46 million dollars, down 56,4% compared to the amount purchased. Average cost is now $ 45,908 for each BTC.
El Salvador's Finance Minister, Alejandro Zelaya also dismissed concerns about The collapse of the cryptocurrency market took a toll on the country's economy.
According to CoinGecko, Sunday's drop resulted in total capitalization falling to $847 billion.