The President of El Salvador advised not to worry about the fall in the price of bitcoin

El Salvador's President Nayib Bukele advised bitcoin investors not to worry about quotesfirst cryptocurrency. According to him, investments in digital gold will grow “immeasurably” after the end of the bearish cycle.

"I see that some people are worried orworried about the market price of Bitcoin. My advice: stop looking at charts and enjoy life. If you have invested in BTC, your investment is safe and its value will increase immensely after a bear market. The main thing is patience,” he wrote.

In response, gold advocate Peter Schiff stated thatBukele's advice is as bad as his "buy the top" recommendation. The latter is likely a reference to the "buy the dip" stock exchange slogan that Bukele often referred to.

“How can you say that investing in Bitcoinsafe when they have already lost 75% of their market value? You have no idea how low the price will fall in this bear market, or whether prices will recover to current levels,” he said.

Earlier, Schiff said that the collapse of the cryptocurrency market is good for the economy. He also added that even if digital assets have a future, bitcoin will never be part of it.

In the state bitcoin fund of El Salvador2301 BTC are stored, the value of which at the time of writing is estimated at $44.31 million. With an average purchase price of $43,900, the country’s “paper” loss has already exceeded $56 million.

Satoshi's Worst Nightmare or Financial Revolution: How Bitcoin Legalization in El Salvador Will Result

Let us recall that in March 2022, El Salvador planned to issue the first Bitcoin bonds for $1 billion.

In June, the government acknowledged its unwillingness to launch the instrument any time soon.

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