{"id":12884,"date":"2022-06-20T13:58:52","date_gmt":"2022-06-20T13:58:52","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/el-salvadors-president-on-bitcoin-investments-did-he-buy-the-dip-again\/"},"modified":"2022-06-20T13:58:52","modified_gmt":"2022-06-20T13:58:52","slug":"el-salvadors-president-on-bitcoin-investments-did-he-buy-the-dip-again","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/el-salvadors-president-on-bitcoin-investments-did-he-buy-the-dip-again\/","title":{"rendered":"El Salvador\u2019s President on Bitcoin Investments; Did He Buy the Dip Again?"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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El Salvador\u2019s \u2018Bitcoin President\u2019, Nayib Bukele,<\/a> has recently commented about his country\u2019s Bitcoin<\/a> (BTC) investments amidst the latest heavy sell-offs.<\/p>\n

Since El Salvador made Bitcoin legal tender alongside the U.S. dollar in September<\/a> last year, the country has\u00a0purchased\u00a02,301 bitcoins. Despite being a notorious dip buyer<\/a>, after Bitcoin\u2019s latest plunge<\/a> to below $20,000 levels, El Salvador\u2019s\u00a0BTC\u00a0investment has reportedly\u00a0depreciated 50% of its value, or over $50 million.<\/p>\n

Bukele tweeted<\/a> Saturday:<\/p>\n

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\u201cI see that some people are worried or anxious about the bitcoin market price.<\/p>\n

My advice: stop looking at the graph and enjoy life. If you invested in\u00a0BTC<\/strong>\u00a0your investment is safe and its value will immensely grow after the bear market. Patience is the key.\u201d<\/p>\n<\/blockquote>\n

Many people are concerned about El Salvador\u2019s fiscal health due to its Bitcoin position on the country\u2019s 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 \u201cfiscal risk is extremely minimal\u201d<\/strong> and added:<\/p>\n

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\u201cWhen they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.\u201d<\/p>\n<\/blockquote>\n

In response to a journalist\u2019s asking about El Salvador\u2019s reaction to Bitcoin\u2019s crash, Zelaya countered by saying:<\/p>\n

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\u201cThere is a clear criticism of Bitcoin as such, not of El Salvador\u2019s strategy.\u201d<\/p>\n<\/blockquote>\n

Bitcoin crashed to levels not seen since November 2020 on Saturday but was able to regain some of its losses<\/a>. At the time of writing,\u00a0the flagship cryptocurrency is trading at $20,097<\/a> according to CoinMarketCap<\/a>.<\/p>\n

Whether El Salvador<\/a> 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.<\/p>\n<\/p><\/div>\n