El Salvador’s Bukele goes super bullish on Bitcoin investments

El Salvador President Nayib Bukele tweeted late Sunday that Bitcoin investments are safe and will grow “immensely” after the bear market.

“My advice: stop looking at the graph and enjoy life,” Bukele tweeted.

Despite widespread protests, El Salvador reportedly bought 200 Bitcoin before adopting the cryptocurrency as legal tender in September last year.

El Salvador was last known to own 2,301 Bitcoin.

The value of the Central American country’s Bitcoin holdings have reportedly fallen by nearly half amid the current bear market.

El Salvador’s total reserves in 2020 amounted to US$3.08 billion, according to estimates by the World Bank.

That would put the value of the country’s unrealized losses related to their Bitcoin investments at US$40 million, or 1.3% of the estimated total reserves in 2020.

In late January, the International Monetary Fund (IMF) said El Salvador should dissolve the US$150 million trust fund it created when it made Bitcoin legal tender, returning any unused funds to its treasury.

The IMF also recommended eliminating the US$30 incentive for use of the digital wallet “Chivo.”