President of El Salvador Nayib Bukele advised bitcoin investors not to worry about the quotes of the first cryptocurrency. According to him, investments in digital gold will grow “immeasurably” after the bear cycle ends.
That advice is as bad as your advice to buy the top. How can you say an investment in #Bitcoin is "safe' when it has already lost 75% of its market value? You have no idea how low the price will fall during this bear market, or that the price will ever recover to current levels.
— Peter Schiff (@PeterSchiff) June 19, 2022
< p>“How can you say that Bitcoin investments are safe when they have already lost 75% of their market value? You have no idea how low the price will fall in this bear market and whether the quotes will recover to the current level,” he said.
Schiff previously 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 a part of it.
2301 BTC are stored in the state bitcoin fund of El Salvador, 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: What Will Legalize Bitcoin in El Salvador
Recall that in March 2022, El Salvador planned to issue the first $1 billion bitcoin bonds
In June, the government admitted that it was not ready to launch the tool in the near future. time.
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