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Nayib Bukele faces criticism in El Salvador after BITCOIN price crash

The president of El Salvador, Nayib Bukele, asked through his Twitter account to have "patience" and enjoy life since the investment in Bitcoin is safe

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The cryptocurrency crash is affecting investors globally, including the government of  El Salvador.  The president of that country, Nayib Bukele , posted on his Twitter account over the weekend to have “patience” for those affected by the fall of Bitcoin, which for the first time since the end of 2020 falls below 20,000 dollars.

Nayib Bukele. The president of El Salvador asked investors to be patient, after the fall of bitcoin
Nayib Bukele. The president of El Salvador asked investors to be patient, after the fall of bitcoin

“I see that some people are worried or anxious about the price of #Bitcoin in the market. My advice: stop looking at the graph and enjoy life,” Bukele published on said social network.

After this message, different Salvadorans responded to the publication, pointing out  that each person is free to invest in whatever they want with their money, but not with that of others. So they questioned his decision to buy the cryptocurrency with state reserves and force businesses to accept bitcoin payments.

According to the tracking site Nayibtracker, under President Bukele’s administration, El Salvador has purchased a total of $105 million in Bitcoin , as of last September and paying an average of nearly $46,000 per coin.

The Minister of Finance of El Salvador, Alejandro Zelaya,  tried to play down the fall of the cryptocurrency and assured that the government has not suffered losses in its millionaire investment in Bitcoin because they have not sold the coins.

He even rejected the versions that the country faces a fiscal risk due to the alleged loss, since the general budget of the nation amounts to almost 8 billion dollars, so the amount already mentioned and that could be at risk due to the fall of the Bitcoin does not even represent 0.5% of our budget.

In January, the International Monetary Fund (IMF) recommended that El Salvador eliminate Bitcoin as legal tender due to its volatility and lack of regulation, however, Bukele dismissed the recommendation and announced that they will issue Bitcoin bonds.

Bitcoin, the cryptocurrency in El Salvador

El Salvador was the first nation in the world to adopt Bitcoin as legal tender. In September 2021, businesses began to accept payments with cryptocurrency , except for those that lacked the technology to do so, in accordance with a law approved by the Legislative Assembly controlled by the ruling New Ideas party.

From that moment, the Chivo Wallet electronic wallet was made available to salvadorans and the unicameral Congress approved a trust to pay a $30 bond to encourage its use.

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