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El Salvadorian president assures Bitcoin will rise again; purchases more

El Salvadorian president assures Bitcoin will rise again; purchases more

Nayib Bukele and Bitcoin

The president of El Salvador, Nayib Bukele, says cryptocurrency Bitcoin will soon rebound despite its current slide in value.

Mr Bukele gave the assurance on Thursday while announcing that the country has purchased a total amount of 80 bitcoins at the rate of $19,000.

The El Salvador leader has faced growing criticisms from citizens as the value of bitcoin continues to experience a dip in its value. 

The country has invested hugely in the cryptocurrency and even made Bitcoin its legal tender in September 2021, alongside the U.S. dollar.

More than 2,000 Bitcoins have been purchased by the Central American country over this period.

“Stop looking at the graph and enjoy life,” Mr Bukele advised investors via Twitter. “If you invested in BTC your investment is safe and its value will immensely grow after the bear market.  Patience is the key.”

El Salvador last year April became the first country to acquire Bitcoin as a means of legal tender; this paved the way for other countries to follow suit.

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Source: Peoples Gazette.

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