Bitcoin Rallies as El Salvador's President Defends Crypto Investments - Latest cryptocurrency news

Bitcoin Rallies as El Salvador’s President Defends Crypto Investments

The significant ups and downs in the cryptocurrency markets over the past 1.5 years have caused many sleepless nights for investors. However, the smiles have returned to their faces as the price of BTC rises well above the $15,500 low point. Among those pleased with this rally is a state president, and today all eyes are on El Salvador.

In 2021, El Salvador’s President Nayib Bukele expressed his belief in cryptocurrencies by recognizing Bitcoin as a legal tender and making significant investments from the state treasury. Serious steps were taken, including long-term mining. Despite criticisms from various authorities such as the International Monetary Fund (IMF), Bukele did not give up his belief.

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In a statement on his social media account, Bukele said, “Thousands of articles mocked us for our so-called losses based on the Bitcoin market value at the time and made fun of us. Let’s look at today… If we had sold our Bitcoins at the current market price, we would have made a profit of $3.6 million. Of course, we are not considering selling, as this was never our purpose. We are aware that the price will continue to fluctuate in the future, and this does not affect our long-term strategy.”

Bukele also emphasized that the opposition and the authors of these negative news should retract their statements, apologize, or at least acknowledge that El Salvador is now making a profit, just as they repeatedly reported their losses. If they consider themselves real journalists, they should address this new reality as intensively as before, he said.

Opinions on the best time to buy Bitcoin may vary, but generally, it is during periods when the all-time high (ATH) is approaching that everyone rushes to buy Bitcoin. It is seen that the price hits the bottom when people start to criticize Bitcoin. November 2021 and November 2022 demonstrated these contradictions to investors who managed to stay in the game. Interestingly, despite experiencing the same patterns in four-year cycles, mainstream media is still trying to kill Bitcoin.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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