Home / Markets / Cryptocurrency /  El Salvador President optimistic on Bitcoin, expects strong growth after bear market
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The cryptocurrency market is known for its high sentiment-driven and risk trading platform due to its complexity and nature. On Monday, crypto markets recovered some losses of last week with Bitcoin, the leader of the board, inching closer to its $ 21,000 mark. El Salvador’s President Nayib Bukele in support of Bitcoin stated that the cryptocurrency has immense growth potential after a bear market.

Last week, Bitcoin slipped below the $ 18,000 mark and investors' wealth was wiped out significantly. Bitcoin dropped by more than 23% in the last seven trading sessions.

However, on Monday, trading in Bitcoin picked up and was around $20,709.71 up by 5.07% currently. At the current price, Bitcoin's market valuation is around $395 billion. Bitcoin has touched an intraday high and low of $19,438.12 and $20,913.32 respectively.

Bitcoin also narrowed its losses to 11.33% from last week.

Bukele on June 19, in support of Bitcoin, through his Twitter account said, "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," Bukele added.

El Salvador is one of the biggest supporters of Bitcoin. The Central American country announced Bitcoin as a legal tender in September last year. 

El Salvador's President shows optimism about Bitcoin despite the country witnessing a downfall in their investment in the crypto.

As per a Nayibtracker website, the Nayib Bukele portfolio has dropped by nearly 55%. El Salvador's average purchase price is $45 908.42 of 2,301 bitcoin as of today. The current value of the country's Bitcoin holding is down by 54.77% to $47.775 million compared to its total purchase cost of $105.635 million. 

When El Salvador first invested in Bitcoin on September 6, 2021, the price of the crypto was around $51,800-mark.  The country has not sold any of their Bitcoin holding even when the crypto touched an all-time high of $68,789.63 on November 10, 2021.

As per the tracker, the country bought 420 bitcoin at an average price of $60, 345.17 on October 27, and they further bought 100 bitcoin at an average price of $58,935.45 on November 26 last year.

The last purchase of Bitcoin was earlier in May.

On May 9, 2022, El Salvador purchased 500 bitcoin at an average price of $30,744.

Bukele had earlier said that he expects Bitcoin to reach $100,000 by end of this year.

Today, the global crypto market cap is around $06.49 billion, a 5.55% increase over the last day. The total crypto market volume over the last 24 hours is $82.41B, which makes an 11.80% decrease, as per CoinMarketCap.


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