El Salvador to Buy Bitcoin Every Day Starting Tomorrow, President Says

El Salvador to Buy Bitcoin Every Day Starting Tomorrow, President Says

El Salvador will start buying bitcoin every day, according to Salvadoran President Nayib Bukele. Since adopting the cryptocurrency as legal tender, El Salvador has bought about 2,381 bitcoins for its treasury.

El Salvador to Buy Bitcoin Every Day

The president of El Salvador, Nayib Bukele, announced on Twitter Thursday that his country will buy one bitcoin every day starting tomorrow.

El Salvador to Buy Bitcoin Every Day Starting Tomorrow, President Says

Following Bukele’s announcement, Tron founder Justin Sun said he will do the same, tweeting: “We echo @nayibbukele’s initiative in buying bitcoin daily. We will also buy one bitcoin every day starting tomorrow.”

Bukele is not deterred by the recent turmoil surrounding the bankrupt crypto exchange FTX. On Sunday, the Salvadoran president explained in a tweet:

FTX is the opposite of Bitcoin. Bitcoin’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, Worldcom’s, Bernie Madoff’s, Sam Bankman-Fried’s … bailouts and wealth reassignments. Some understand it, some not yet. We’re still early.

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.

What do you think about El Salvador buying one bitcoin every day? Let us know in the comments section below.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Crypto Crisis Pushes BTC Mining Difficulty To Bottom Spot, Any Possibility Of Reversal?

The low profitability of BTC mining is still puzzling for many crypto fanatics and investors. There’s no surprise here, given the ever-increasing energy costs. Moreover, the bear market is also significantly impacting Bitcoin’s mining difficulty. As for now, making reasonable profits from mining Bitcoin is not probable. This fact, however, doesn’t imply that BTC mining

Bitcoin (BTC) Price Dump Incoming? On-Chain Data Reveals Bottom

Bitcoin (BTC) price failed to hold above $17k and fell to the support near $16,500 again. The BTC price remains under pressure as miner capitulation risk continues to haunt traders looking to make long positions. On-chain data reveals miners are indeed liquidating their Bitcoin holdings due to financial constraints. The effect can be easily seen