JAKARTA – The decline in the crypto market in recent weeks has caused panic among investors. El Salvador's president, Nayib Bukele recently asked BTC owners to be patient in the face of difficult bear market times.
On Saturday, June 18, the number one cryptocurrency by market cap, Bitcoin (BTC) slipped below $20,000 per coin. This decline in the price of BTC below 20,000 dollars is the first time since December 2020.
“I see that some people are worried or anxious about the Bitcoin market price. My advice: stop looking at the charts and enjoy life. If you invest in Bitcoin, your investment is safe and its value will grow rapidly after a bear market. Patience is the key,” said Bukele, 19 June 2022.
For information, El Salvador became the first country to adopt Bitcoin as its official means of payment. The country led by Nayib Bukele currently has 2,300 Bitcoins as a state reserve fund. El Salvador bought Bitcoin again in early May.
One of the veteran traders, Peter Schiff predicts Bitcoin's market capitalization will drop to 800 billion US dollars. On June 13, Schiff warned that the price of Bitcoin would drop to $20,000. The Chief Economist and strategist at Euro Pacific Capital and founder of Schiffgold correctly predicted a plunge in BTC.
At the time of writing Bitcoin is trading at a price of 20,025 US dollars (approximately IDR 297 million) per BTC. Bitcoin price has decreased by 25.2 percent in the past week. Meanwhile, in the last 24 hours, Bitcoin price performance rose 9.7 percent, based on data from Coingecko, June 20, 2022.
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