Bitcoin-boosting Salvadoran leader asks for patience
Source: Associated Press
Bitcoin-boosting Salvadoran leader asks for patience
June 19, 2022
SAN SALVADOR, El Salvador (AP) — El Salvador’s Bitcoin-boosting president has asked people to be patient after the price of the cryptocurrency fell below $20,000 — less than half the price the government paid.
According to the tracking site nayibtracker.com, El Salvador under President Nayib Bukele’s administration has spent about $105 million on Bitcoin, starting last September and paying an average of almost $46,000 per coin.
The value of that investment in the currency, also known as “BTC,” is now calculated to have fallen by over 57%, or around $61 million.
“I see that some people are worried or anxious about the #Bitcoin market price,” Bukele wrote in his Twitter account late Saturday. “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,” the president wrote.
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Read more: https://apnews.com/article/cryptocurrency-technology-politics-san-salvador-803265ec3faaf0a369f74efd02fe7afb
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