Home Business El Salvador’s president criticized in the midst of dramatic bitcoin price fall

El Salvador’s president criticized in the midst of dramatic bitcoin price fall

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El Salvador’s President Nayib Bukele, who adopted Bitcoin as a legal currency and bought a lot of it, said, “Don’t look at the charts, enjoy life.”

According to Yahoo Finance on the 20th (local time), President Bukele wrote on his SNS, “Some people seem to be worried or anxious about the bitcoin price. I want to advise you not to look at the charts and enjoy life.”

He continued, “Bitcoin investment is safe. Bitcoin price will rise tremendously after the bear market ends. Patience is key.”

President Bukele was the first in the world to adopt Bitcoin as a legal currency in September last year, and he bought a large amount of Bitcoin with the government budget, but it was cut in half.

El Salvador spent $103 million on bitcoin purchases. However, the current value of 2,301 Bitcoins has fallen to $53 million (about 68.3 billion won), which is half of the purchase price.

The El Salvador government has to repay about $800 million in government bonds, and the bonds mature in January next year. The El Salvador government’s burden of buying bitcoin is leading to a default crisis.

Meanwhile, Peter Schiff, chief economist at Europacific Capital, responded to President Bukele’s tweet, saying, “Bitcoin, which is already down 75%, is not safe. He also warned that investing in bitcoin requires caution.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.