On Saturday, June 1[ads1]8, Bitcoin underwent another major price correction that fell below $ 20,000 for the first time since December 2020. As of press time, BTC is trading at $ 18,548 with a market value of $ 354 billion.
Panic has spread throughout the crypto market, making investors uncomfortable with the latest drawback. El Salvador’s President Nayib Bukele has called for taking a chill pill and maintaining patience during such trials. In a message on Twitter, President Bukele wrote:
I see that some people are worried or anxious about Bitcoin market price. My advice: stop looking at the graph and enjoy life. If you invested in Bitcoin your investment is safe and the value will grow enormously after the bear market. Patience is the key.
The value of El Salvador’s Bitcoin investments is already down by more than 50%. The Latin American country began buying Bitcoin in August 2020 and has so far accumulated more than 2300 Bitcoins as part of the Treasury. The last Bitcoin purchase was in early May 2022.
The crypto industry is dead, says Peter Schiff
The popular Bitcoin critic Peter Schiff has further solidified his attack on Bitcoin and crypto. Right after the US inflation data on June 11, Schiff had predicted that the total market value of the crypto area would fall below $ 800 billion, and that was exactly what happened during the last week.
In one of his latest tweets, Schiff made a bold comment that the crypto market is dead. The Bitcoin critic wrote:
Many people in #krypto The industry says this crash is a healthy shake-out. I agree that it is healthy, but not for crypto. The industry as we know it is dead, which is very healthy for the economy. Crypto probably has a future, but Bitcoin will not be a part of it.
He further attacked Bitcoin, calling it an “epic mistake”. He wrote that Bitcoin maximalists should realize that Bitcoin no longer functions as a safe haven.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.