“Stop Looking at the Graph and Enjoy Life”: El Salvador’s President on BTC Price Slump

El Salvador’s bitcoin-friendly President Nayib Bukele has shared an advice to all Bitcoiners as the cryptocurrency ecosystem has continued to take a deep dive down.

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Over the weekend, the price of Bitcoin slumped further from its earlier 18-months low to $17,708.62. With the price of Bitcoin going below what was earlier envisaged, altcoins like Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and Cardano (ADA) amongst others also saw multi-year lows, signalling a full-blown crypto winter.

With this bearish outlook in place, Nayib Bukele took to Twitter and asked his followers with interests and investments in Bitcoin to forget about the charts and explore other things. Per his words:


“I see that some people are worried or anxious about the #Bitcoin market price. 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.”


Those who have been following events in the space will recall that El Salvador under Nayib Bukele became the first country to legalize Bitcoin and make it a legal tender on its shores back in 2021. Since then, Bukele has been buying Bitcoin dips, with a lot of other proposed projects anchored on Bitcoin.


While Bukele is amongst those reeling from the current fall in the price of Bitcoin, he added in the tweet that “patience is the key” to getting the most out of any investment that one may have in Bitcoin or other altcoins at the moment.


The current collapse of crypto prices has stirred quite a number of ugly operational incapabilities among crypto entities. Celsius Network, Babel Finance, and Three Arrows Capital (3AC) are amongst the few companies feeling the heat of the ongoing crypto market price slump.

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El Salvador Eyes Issuance of Bitcoin Bonds Through Raft of Legislation

El Salvador’s administration plans to send approximately twenty bills to Congress to cover investment in securities and financial markets in order to provide a legal framework for the issuance of Bitcoin bonds.

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Finance Minister Alejandro Zelaya disclosed this objective and said:

“This is to provide a legal structure and legal certainty to everyone who buys the bitcoin bond.” 

He added that the bond, also called EBB1, would be pivotal in enhancing financial freedom and innovation in El Salvador. 


Therefore, the bills aim to create a framework needed in the issuance of securities and coverage of corresponding market regulation in the cryptocurrency sector.


Part of the proposal entails granting residency to Bitcoin holders who relocate to the nation. Zelaya pointed out:

“There are Bitcoiners and friends of mine who want Salvadoran nationality and ask me how they can obtain it, but the country’s legislation does not have those benefits.”

When unveiling plans to build the world’s first Bitcoin City in November last year, El Salvador President Nayib Bukele disclosed that the bond would be valued at $1 billion with a 6.5% coupon. 


The Bitcoin city to be funded through the bond intends to boost BTC awareness and adoption among citizens. 


El Salvador has been walking head high since Bitcoin officially became legal tender in September last year. 


As a result, the nation has adopted the “buying the dip” strategy because it has accumulated at least 1.390 BTC so far, according to the latest official data. 


To show his confidence in the Bitcoin market, President Bukele disclosed his bullish forecasts that the price could hit $100,000 this year. He also stated that Bitcoin will “become a major electoral issue in U.S. elections this year.”

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Bitcoin (BTC) $ 37,826.13 0.89%
Ethereum (ETH) $ 2,037.01 1.17%
Litecoin (LTC) $ 69.72 0.49%
Bitcoin Cash (BCH) $ 222.39 0.80%