Nayib Bukele, president of El Salvador, has advised Bitcoin investors not to worry about the fall in the price of the asset. According to him, investments in digital gold will grow "immensely" after the end of the bear cycle.
He has said:
"I see that some people are worried or anxious about the Bitcoin market price. 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."
Bitcoin advocate Peter Schiff has responded to him by saying that Bukele's advice is as bad as his recommendation to "buy the dip." This is probably a reference to the "buy the dip" slogan Bukele often refers to.
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Schiff has said:
"How can you say an investment in Bitcoin is "safe' when it has already lost 75% of its market value? You have no idea how low the price will fall during this bear market, or that the price will ever recover to current levels."
Schiff has previously said the collapse of the cryptocurrency market is good for the economy. He has also added that even if digital assets have a future, Bitcoin will never be part of it.