SAN SALVADOR, El Salvador — El Salvador’s bitcoin-boosting president has asked people to be patient after the price of the cryptocurrency fell below $20,000 — less than half the price the government paid.
According to the tracking site nayibtracker.com, El Salvador under President Nayib Bukele’s administration has spent about $105 million on bitcoin BTCUSD, -0.24%, starting last September and paying an average of almost $46,000 per coin.
The value of that investment in the currency, also known as “BTC,” is now calculated to have fallen by over 57%, or around $61 million.
“I see that some people are worried or anxious about the #bitcoin market price,” Bukele wrote in his Twitter account late Saturday. “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,” the president wrote.
On Tuesday, when a bitcoin publication crowed that El Salvador has lost “only” $40...
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