El Salvador Set To Buy One Bitcoin Per Day, Reveals President Bukele
- The President of the El Salvador, Nayib Bukele, announced that the Central American country will purchase 1 BTC per day, just days after the collapse of FTX led to BTC dropping to 2-year low.
- El Salvador has suffered significant losses on its BTC holdings as the country began purchasing Bitcoin in 2021 and since then, has purchase the digital asset on multiple occassions.
- The founder of Tron Foundation and the Tron (TRX) blockchain, Justin Sun, said that his crypto project will also purchase one Bitcoin per day starting Nov. 18.
The President of the first country in the world to adopt Bitcoin (BTC) as legal tender, El Salvador, Nayib Bukele, has announced that under his leadership, the Central American country will purchase 1 BTC per day, taking advantage of the current situation of the crypto space initiated by the collapse of several crypto firms and fading away of investors’ trust.
El Salvador has suffered significant losses on its BTC holdings as the country began purchasing the world’s oldest cryptocurrency in 2021 and since then, has purchase the digital asset on multiple occassions. Interestingly, Bukele took to social media platform Twitter to confirm that in the light of the fall in the price of the world’s biggest crypto coin, the Central American nation will take advantage of the market crash.
However, Bukele, who has become a hero for the crypto industry, is not the only person that announced purchasing BTC. The founder of Tron Foundation and the Tron (TRX) blockchain, Justin Sun, said that his crypto project will also purchase one Bitcoin per day starting Nov. 18 in order to echo the initiative spearheaded by Bukele.
El Salvador has completed one year of adopting Bitcoin (BTC) as legal tender in September and as per reports, the tourism of the Central American nation rose significantly after the decision made by Bukele was passed by the authorities. Since then, the country has made several moves in order to increase its dominance in the crypto space. Bukele said that the country will use the power of the abundant volcanoes present in the country to mine Bitcoin as well.
On paper, El Salvador holds 2,381 BTC and it is crucial to note that like MircroStrategy, the Bukele-led nation is also significantly down on its investment. The crypto space has been increasingly bearish after the 2021 bull run and as a result, a strong correction wiped off millions from the country’s treasury.
Recently, there were rumors that the country had invested in the now-disgraced and bankrupt crypto exchange FTX. It was circulated that the country had some of its BTC on FTX which further worried the investors. However, the CEO and co-founder of Binance, the world’s biggest crypto exchange, Binance, Changpeng Zhao, revealed that this was not the case and El Salvador had no exposure to FTX.
It is also crucial to note that after El Salvador, the Central African Republic announced that it will adopt Bitcoin as legal tender. But thereafter,
the Finance Minister of a Caribbean country, St. Kitts, Terrance Drew, said that by March, Bitcoin Cash (BCH) will become an official currency in the region.