On Sunday (June 19), Salvadoran President Nayib Bukele offered some advice to those Bitcoin holders who might be feeling nervous or worried right now about the recent crash in the price of Bitcoin.
As you may know, on 5 June 2021, Zap Solutions (a Bitcoin payments startup that uses the Lightning Network) Founder and CEO Jack Mallers announced at Miami’s Bitcoin 2021 conference that El Salvador’s government wanted to pass legislation to make Bitcoin legal tender (alongside the U.S. dollar).
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During his talk, an emotional Mallers presented a recorded video message from President Bukele and read out a small passage from the proposed bill. Mallers went on to say that his firm would be opening an innovations centre in El Salvador with the help of Blockstream.
On 9 June 2021, this proposed bill got passed by the Legislative Assembly (with 62 out 84 voting in favor of it).
Then, on 25 June 2021, Reuters published a report that said El Salvador President Nayib Bukele had announced during a national address on 24 June 2021 that “Bitcoin Law” would become effective on 7 September 2021.
On 6 September 2021, President Bukele announced that his country had bought its first 200 bitcoins and they planned to buy “a lot more”.
According to a CoinDesk report published on June 14, “President Nayib Bukele has announced 10 purchases of bitcoin since September 2021, with the country at last check holding 2,301 bitcoins acquired at an average price of $45,171 each.” The report went on to say that “the country’s most recent buy was on May 9, when Bukele stepped in front of bitcoin’s decline then to purchase 500 coins for $15.3 million, or an average price of $30,744 each.”
According to data by TradingView, currently (as of 5:45 a.m. UTC on June 19), on crypto exchange Bitstamp, Bitcoin is trading around $18,014, down 11.62% in the past 24-hour period. In the year-to-date period, the Bitcoin price is down 62.3%.
Well, earlier today, President Bukele had these words of advice for Bitcoin HODLers:
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