El Salvador’s President on Bitcoin Investments; Did He Buy the Dip Again?

El Salvador’s ‘Bitcoin President’, Nayib Bukele, has recently commented about his country’s Bitcoin (BTC) investments amidst the latest heavy sell-offs.

Since El Salvador made Bitcoin legal tender alongside the U.S. dollar in September last year, the country has purchased 2,301 bitcoins. Despite being a notorious dip buyer, after Bitcoin’s latest plunge to below $20,000 levels, El Salvador’s BTC investment has reportedly depreciated 50% of its value, or over $50 million.

Bukele tweeted Saturday:

“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 invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.”

Many people are concerned about El Salvador’s fiscal health due to its Bitcoin position on the country’s balance sheet. Nevertheless, the country financial minister, Alejandro Zelaya, snubbed the concerns, noting that the holdings represent only a small portion of his budget. He said that the “fiscal risk is extremely minimal” and added:

“When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”

In response to a journalist’s asking about El Salvador’s reaction to Bitcoin’s crash, Zelaya countered by saying:

“There is a clear criticism of Bitcoin as such, not of El Salvador’s strategy.”

Bitcoin crashed to levels not seen since November 2020 on Saturday but was able to regain some of its losses. At the time of writing, the flagship cryptocurrency is trading at $20,097 according to CoinMarketCap.

Whether El Salvador took advantage of the latest dip has not been disclosed yet. Our bet is that the Bitcoin nation did accumulate coins and that we will be hearing a celebratory Tweet in the coming days.