The President of El Salvador has advised the country’s citizens to remain patient and “enjoy life” despite the long price slide of Bitcoin.
El Salvador became the first country to accept Bitcoin as legal tender and has accumulated more than 2,300 Bitcoins since last November.
The bear market precipitated by the collapse of Terra’s coin and stablecoin has left its investment down more than 62%.
However, President Nayib Bukele is playing it cool.
“I see that some people are worried or anxious about the Bitcoin market price,” he said. “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.”
Around $150 million of public funds were used to invest in BTC representing 4% of the country’s reserves.
In an effort to engage the population in crypto, which President Bukele believes will bring benefits to the nation – including tourism – citizens were incentivised to download a Chivo Wallet containing $30 worth of BTC.
While two-thirds of the population duly did so, only 20% of those people continue to use the app.
Finance Minister Alejandro Zelaya added: “When they say that the fiscal risk in El Salvador due to bitcoin is very high, the only thing it does is make me laugh and I think that any serious economist should do the same, because it really is an extremely superficial analysis and they speak only from ignorance.”