With Bitcoin facing a bearish bias and failing to recover from the $40,000 key support, many are skeptical as to whether it's time to buy or take the risk and not sell BTC. Mexican billionaire Ricardo Salinas Pliego says it's time to buy.

Founder and chairman of Grupo Salinas, Banco Azteca, TV Azteca and Elektra, Salinas is known to be a big supporter of Bitcoin. He himself is a proponent of the famous word "Hodl". This word is a cryptocurrency term derived from the word "hold". Speaking about BTC again recently, Salinas stated that it is time to continue buying and take advantage of the low price.

   “Buy Bitcoin, keep buying when the price is low. Then hold your BTCs, forget about selling… Believe me, you will thank me later.”

Salinas Ricar

He also announced that Grupo Elektra will support the Bitcoin Lightning network. Over the past few months, BTC has followed a complicated course for investors. After reaching an all-time high, the cryptocurrency started to decline and fell from $69k to its current low of $35,000.

$200 Billion Deleted From The Crypto Market After Russia's Invasion of Ukraine

The market capitalization of all cryptocurrencies has dropped by over $200 billion in the last 24 hours, down over 12% after Russia invaded Ukraine.

The current market cap of all cryptocurrencies has dropped from $1.77 trillion to nearly $1.56 trillion in the past 24 hours, according to data from CoinMarketCap. Many of the biggest, most established cryptocurrencies in the crypto market are also in the red right now.

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Bitcoin has experienced a 7% drop in the last 24 hours. At the time of this news, Bitcoin was trading at $ 36,095. In Ethereum, the situation is no different. Ethereum, which has lost 9% in the last 24 hours, is currently hovering around $ 2460. Solana is among the coins that experienced double-digit drops in Cardano and Ripple.