The price of Bitcoin fell below $20,000 for the first time since December 2020 on Saturday, June 18. At the time of this writing, the market capitalization of Bitcoin (BTC) stands at $354 billion, with a price of $18,548 per coin.
The recent decline in the value of cryptocurrencies has sparked panic among investors. Nayib Bukele, the president of El Salvador, has urged patience in these difficult times. A few people seem concerned about the current state of the Bitcoin market, according to President Nayib Bukele tweet. Instead of dwelling on the data, he suggests that you go out and live. After the bear market, the value of Bitcoin will skyrocket, making your investment safe. The most important thing is to be patient.
El Salvador’s Bitcoin investments have already lost more than half their value. As of August 2020, the country of Latin America has acquired over 2300 Bitcoins as part of its national Treasury. In early May of this year, the company purchased its first Bitcoin.
Peter Schiff, a well-known critic of Bitcoin, has ratcheted up his attacks on the currency. Schiff had predicted that the total market cap of the crypto space would fall below $800 billion within the span of the last week, and that’s exactly what happened.
According to Schiff, the crypto market is doomed in a recent tweet. Cryptocurrency critics have stated:
Cryptocurrency experts are claiming that the recent market declines are a necessary part of the industry’s evolution. But not for crypto. He agrees that it’s healthy. As a result of this industry’s demise, the economy will be in a much better state. Bitcoin will not be a part of the future of cryptography.
He went on to slam Bitcoin, calling it a “epic fail,” and claiming it was a scam. The Bitcoin maximalists should understand that Bitcoin is no longer a safe haven, he said.