The depreciation of Bitcoin, which reached $69,000 in 2021, worries investors. The recent global inflation and the Ukraine-Russia crisis have also negatively affected cryptocurrencies. Investors are confused by the back-to-back negative news.

When one of the biggest cryptocurrencies, Bitcoin, loses value, altcoins lose value. The fast-growing exception. Because the investment decision of a big investor can sometimes upset the balance. Of course, this effect is short-lived.

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The Central American country of El Salvador started using the cryptocurrency Bitcoin as its legal currency in September. Thus, El Salvador became the first country to accept Bitcoin as its official currency. According to the new law in the country, all businesses accept payments made in US Dollars as well as Bitcoin.
Businesses that do not accept Bitcoin face penalties. Foreigners who invest 3 Bitcoin in Salvador can obtain a residence permit.

El Salvador President Nayib Bukele, one of the first to consider Bitcoin as an opportunity, evaluated the decline in Bitcoin prices and made a repurchase. He sees buying BTC at a low price as an opportunity. In his post on his Twitter account, Bukele said, “El Salvador bought it at a low price. We bought 150 Bitcoins for 48 thousand 670 dollars.”

It remains to be seen how other investors will decide. In particular, it is wondered in which direction Elon Musk will move. Although Musk supports DOGE, which has the status of Memecoin, he has not been able to give up on Bitcoin. Frequent change of decision on cryptocurrencies can cause sudden decreases and rises.

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