Nayib Bukele, president of El Salvador, is feeling the “pain” of the cryptocurrency market. With Bitcoin (BTC) trading 70.5% below its all-time high seven months ago, bitcoiners are suffering.
But in the Bukele case, he staked the country’s economies on BTC and now faces criticism from the people. In his defense, the president took to Twitter to argue that the country’s Bitcoin investment is long-term:
“I see that some people are worried or anxious about the Bitcoin price on the market,” he wrote. “My advice: stop looking at the chart and enjoy life,” she pointed out.
According to Bukele, investing in BTC is safe and its value will grow.
“BTC will grow tremendously after the bear market. Patience is the key,” he stated.
However, the population of the country, which is on the verge of “bankruptcy” for lack of external financing, was not happy. Citizens argue that each person is free to invest in whatever he wants, but not with the people’s money.
“This is what I will say to the electricity companies when they come to cut it: stop looking at receipts and enjoy life,” said one citizen.
Bitcoin in Fall
In addition, the population argues that it is not possible to predict with certainty that Bitcoin will rise.
“It all depends on whether the buying force in the market is big enough,” said another citizen.
They emphasize that the long-term growth of BTC is not certain. Therefore, it would be convenient to mitigate the risks.
“Speculating with money (in Bitcoin) that is not yours is not valid”, say Salvadorans.
One of the most appreciated responses to Bukele’s message was that of a Salvadoran citizen named Jairo Martínez.
“The money you are investing with is not yours,” he said.
Another message was from a resident named César. He stated that he cannot feel calm as national Bitcoin reserves fall in value. Therefore, he understands that people’s money should not be used to buy investment assets.
Also read: Circle CEO does not rule out the possibility of USDC users being blocked
Read also: Bitcoin closes worst week of 2022 and trader warns: “there are no clear bullish signs”
Read also: Interest in ‘Bitcoin’ in Google searches hits 12-month high amid high volatility