On Saturday, June 18, Bitcoin underwent another major price correction slipping under $20,000 for the first time since December 2020. As of press time, BTC is trading at $18,548 with a market cap of $354 billion.
Panic has spread all across the crypto market making investors uncomfortable about the recent downside. El Salvador President Nayib Bukele has asked to take a chill pill and maintain patience in such testing times. In a message on Twitter, President Bukele wrote:
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 Bitcoin your investment is safe and its value will immensely grow 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 started purchasing Bitcoin in August 2020 and so far has accumulated more than 2300 Bitcoins as part of its Treasury. Its recent Bitcoin purchase was in early May 2022.
The Crypto Industry is Dead Says, Peter Schiff
Popular Bitcoin critic Peter Schiff has further solidified his attack on Bitcoin and crypto. Soon after the U.S. inflation data on June 11, Schiff had predicted that the total market cap of the crypto space would sink under $800 billion and that’s what exactly happened within the span of the last week.
In one of his latest tweets, Schiff made a bold comment that the crypto market is dead. The Bitcoin critic wrote:
A lot of people in the #crypto industry are saying that this crash is a healthy shake-out. I agree that it’s healthy, but not for crypto. That industry as we know it is dead, which is very healthy for the economy. Crypto likely has a future, but Bitcoin will not be a part of it.
He further attacked Bitcoin calling it an “epic fail”. He wrote that Bitcoin maximalists should realize that Bitcoin is no more acting as a safe haven.