Nayib Bukele, the El Salvador President recently made a statement showing what a real Bitcoin (BTC) pro sounds like. He is a strong supporter and advocate of Bitcoin and he is proving that with his ambitions.
According to him, the current downfall in the Bitcoin market is just a test for the entire Bitcoin community. It is the test of their loyalty and patience because success does not come for free it has to be earned.
He added that to become successful in the adoption of Bitcoin, they have to stay loyal to it and keep believing in its potential. If they withdraw now, they will only show that they are giving up on their country’s success.
Current Market Situation of Bitcoin
The reason why Nayib Bukele has made such a statement is that due to the recent crash in the crypto market, many investors have lost faith in crypto.
Even Bitcoin investors are losing their confidence in investing in Bitcoin. People have started withdrawing their Bitcoin holdings from centralized exchanges and they are resorting to self-custody solutions.
At the moment, there is too much uncertainty in the cryptocurrency market and not much can be said about the future of any cryptocurrency. Even the future of Bitcoin is currently facing a lot of uncertainty.
At a time like this, Nayib Bukele has stood up in support of Bitcoin, boosting the confidence of the Bitcoin community. He has made a huge announcement that is ought to bring back the masses to the Bitcoin market.
Situation of Bitcoin
It was in July 2021, when Nayib Bukele announced that he had presented a bill at the El Salvador parliament to grant legal status to Bitcoin in the country.
Then in September 2021, Bitcoin was indeed inducted into the ES law as a legal tender. At that time, Bitcoin’s trading price was hovering over $50k and it even went all the way up to $69k.
Since then, Bitcoin has not been able to hit another all-time high and the situation has gotten worse for BTC ever since the year 2022 began.
Despite the constant deterioration of Bitcoin’s price, Nayib Bukele has continued supporting it, which means ES is supporting the coin.
ES to Purchase 1 BTC every day
As the price of Bitcoin is currently hovering at a low of $16,642.82, Nayib Bukele perceives it as the best opportunity to buy the currency.
According to him, they will be starting a new program from Friday that would see one BTC being bought every day. This would mean that El Salvador would continue accumulating BTC to no end.
Although Bitcoin is currently experiencing a downtrend with support coming from Bukele and other Bitcoin proponents, its price is destined to surge.
The post Amidst Global Crypto Market Downfall, Nayib Bukele Doubles Down On Bitcoin appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/amidst-global-crypto-market-downfall-nayib-bukele-doubles-bitcoin/
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