El Salvador To Buy 1 Bitcoin Every Day• November 18, 2022 9:07 pm • Comments
The president of El Salvador, Nayib Bukele, announced that the country will now start buying 1 Bitcoin every day which shows the country’s full confidence in the future of BTC.
The country had already made international news when it became the first nation to declare Bitcoin as legal tender and had already accumulated a significant amount of Bitcoin.
Right now, El Salvador supposedly holds around 2,381 Bitcoin at an average buying price of $43,357, but the exact details are not verified because an on-chain record has not been identified.
Based on this estimated data, this means that the country has spent a total of around $100 million on Bitcoin to date which means that the country is currently sitting on some losses as the price has declined in the meantime.
Nevertheless, the country remains strong in is decision to accurate BTC and shows no signs of stopping soon.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
One of the crypto industry’s high-profile figures to quickly react to Bukele’s announcement was Tron founder Justin Sun, who said that “we will also buy one Bitcoin every day starting tomorrow.”
While Bukele previously stated that El Salvador, which became the world’s first nation to recognize Bitcoin as legal tender, has allegedly never sold any of its crypto holdings, he has never shared actual wallet addresses associated with the previous purchases.
When he bought 80 Bitcoin this summer, the President only shared screenshots of the purported transactions, suggesting that El Salvador was using a centralized exchange to execute orders.
Today’s announcement also follows Bukele’s earlier comments on the FTX saga, with El Salvador’s President tweeting earlier this week that “FTX is the opposite of Bitcoin.”
President Nayib commented on the purpose of Bitcoin and stated that the purpose of the Bitcoin protocol was so that it could prevent things like Bank runs, bailouts, and things like the FTX collapse.
The announcement was revealed yesterday on November 17 where the he revealed that the country would buy 1 Bitcoin everyday starting on the 18th.
It is not confirmed on how long the country will continue to do this, but it is clear that it is doubling down on its investment in crypto significantly from now on.
— CryptoCoinFabriek (@CryptoFabriek) November 18, 2022
El Salvador adopted bitcoin as legal tender alongside the U.S. dollar in September last year. Since then the country has purchased about 2,381 bitcoins for its treasury.
President Bukele is a strong proponent of the cryptocurrency. He recently attributed tourism recovery in El Salvador to BTC, surfing, and crime reduction.
However, a poll conducted in October indicated that almost two-thirds of the population has a negative impression of bitcoin, with only a quarter of Salvadorans having used the cryptocurrency.
The International Monetary Fund (IMF) has also warned El Salvador about making bitcoin legal tender, claiming that the costs of making BTC a national currency exceed its potential benefits.
However, El Salvador’s government dismissed the IMF’s warning and continues to embrace bitcoin.
— Altbase (@AltbaseApp) November 18, 2022
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