El Salvador President says patience is the key when investing in bitcoin

(Wikimedia Commons)

El Salvador’s President Nayib Bukele assured Saturday night that “patience is the key” when investing in bitcoin, a cryptocurrency legal tender in this Central American country that fell to less than $20,000.

“I see that some people are worried or anxious about the price of bitcoin in the market,” Bukele consigned on Twitter, in response to those criticizing his administration for the falling price.

“My advice: stop looking at the chart and enjoy life. If you invested in #BTC your investment is safe and its value will grow a lot after the bear market,” the president stressed.

“Patience is the key,” he emphasized.

The bitcoin continued to fall on Saturday due to investors’ lack of appetite for risk and even lost 9% from Friday to trade at $18,740, its lowest value since December 13, 2020.

Last November 10, the bitcoin had its historic price of $68,991.

All cryptocurrencies were retreating on Saturday. Ether, the second most traded digital currency, lost almost 10%.

El Salvador became in September 2021 the first country to accept bitcoin as legal tender at par with the dollar. At that time a bitcoin was around 44,000 dollars.

On May 10 Bukele announced that El Salvador bought 500 bitcoins, taking advantage of the low price. With that acquisition the country accumulated 2,301 of the asset.