El Salvador president has attempted to inject a little bitcoin hopium into the battered crypto community following another weekend of heavy losses.
Nayib Bukele took to Twitter in an attempt to reassure crypto investors that things may not be as bad as they seem.
He advised people to stop looking at the charts and “enjoy life.” The comments came as bitcoin prices plunged to an 18-month low just below $18,000 at the weekend.
“If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key,” he added.
Bitcoin portfolio down more than 50%
Bukele bought his first batch of bitcoin for the treasury of El Salvador in early Sept 2021 when it was trading at a little over $51,000. There were two separate buys of 200 BTC each costing around $10 million at the time.
There were several more purchases during the final four months of the year and again in Jan. The final purchase was 500 BTC on May 9 according to the Bukele portfolio tracker.
The current value of El Salvador’s 2,301 BTC is $46 million, down 56.4% from purchase prices which total $105.6 million. The dollar cost average is currently $45,908 per BTC, more than double its current price.
El Salvador’s Finance Minister Alejandro Zelaya also dismissed concerns the crypto market crash has damaged the country’s economy.
Speaking to Reuters last week, he said that “the fiscal risk is extremely minimal,”
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