The president of El Salvador has some advice for bitcoin investors. He believes investments in the largest cryptocurrency are safe and will “immensely grow” after the bear market.
El Salvador’s President on Bitcoin Investments
The president of El Salvador, Nayib Bukele, has spoken up about bitcoin investments amid BTC’s heavy sell-off.
El Salvador has purchased 2,301 bitcoins since the country made BTC legal tender alongside the U.S. dollar in September last year. With the price of bitcoin plunging, El Salvador’s BTC investment has reportedly lost 50% of its value, or over $50 million.
“I see that some people are worried or anxious about the bitcoin market price,” Bukele tweeted Saturday, elaborating:
My advice: stop looking at the graph and enjoy life. If you invested in BTC your investment is safe and its value will immensely grow after the bear market. Patience is the key.
Many people have voiced concerns about El Salvador’s fiscal health due to a large bitcoin position on the country’s balance sheet.
The Salvadoran finance minister, Alejandro Zelaya, dismissed concerns last week, stating that the “fiscal risk is extremely minimal.” He added: “When they tell me that the fiscal risk for El Salvador because of bitcoin is really high, the only thing I can do is smile.”
Bitcoin fell to a level not seen since 2020 early this weekend. At the time of writing, BTC is trading at $20,141, up 12% over the past 24 hours and 33% over the last seven days.
Some people share Bukeke’s optimism, including bitcoin bull Michael Saylor and Skybridge Capital founder Anthony Scaramucci.
However, some others are less optimistic about where bitcoin is headed. Mad Money host Jim Cramer expects BTC to fall to $12K. Doubleline Capital Jeffrey Gundlach said he wouldn’t be surprised at all if bitcoin drops to $10K. Rich Dad Poor Dad author Robert Kiyosaki said bitcoin could bottom out at $9K. Guggenheim CIO Scott Minerd said bitcoin could plunge to $8K.
Do you agree with El Salvador’s president? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.
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Veteran Trader Peter Brandt Gives Gen Zers Advice: ‘Contribute Monthly Savings To Bitcoin And Hold’
Popular commentator and veteran trader Peter Brandt gave advice to Gen Zers on Thursday and said that they should contribute savings to bitcoin and stocks of solid companies. In the same Twitter thread, Brandt noted that “crypto is still unproven,” but also said that those that know him best, know he’s been “bullish for years.”
Peter Brandt’s Advice to the Youth: ‘Avoid Student Debt, Contribute Monthly Savings to Bitcoin’
Peter Brandt has a lot to say on Twitter and he’s not shy about sharing his opinion. Oftentimes, the veteran trader speaks about bitcoin (BTC), giving his perspective about crypto markets and bitcoin’s price corrections.
On Thursday, Brandt had some advice for Gen Zers concerning how they should position themselves in the current economy. “My [advice] to Gen Zers is – Get degree in a field with jobs – Avoid student debt as possible – Secure good job, think about [markets as a] hobby,” Brandt tweeted. The popular commentator further said to his 626,600 Twitter followers:
Buy a home/get married/be frugal -Contribute [monthly] savings to [bitcoin and stocks] of solid companies – & HOLD -Keep buying/hope for cheaper prices.
Brandt continued by adding that getting a “university degree is hugely over-rated.” He said that people entering a skilled trade would be choosing a “very legitimate career path.” Brandt added that he favored rental property and that he preferred “quality stocks” to crypto. “Crypto is still unproven IMO. Avoid 8hitcoins and jpgs. Hope for a bear market so that stocks can be bought cheaply,” Brandt said.
Following Brandt’s statements, one individual asked him: “Since when are you pro-Bitcoin, Peter?” Brandt responded by telling the Twitter user that he’s been optimistic about bitcoin for quite some time now.
“Those who know me best know I’ve been bullish for years,” Brandt replied. “But I try to be honest about charts and the Tweets that trolls remember is when I have commented on the charts when they are sending warning signals.”
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What do you think about Peter Brandt’s advice to Gen Zers? Let us know in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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