President Bukele reveals El Salvador will buy 1 Bitcoin daily News ▸ El Salvador ▸ Bitcoin ▸ Adoption
President Bukele reveals El Salvador will buy 1 Bitcoin daily
El Salvador has spent over $100 million to acquire 2,381 BTC and continues to buy
1 min read
Updated: Sep. 20, 2023 at 1:39 am UTC
總統府 / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
President Nayib Bukele announced that El Salvador would buy 1 Bitcoin (BTC) daily starting November 18.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
The recent bear market does not appear to have deterred President Bukele’s interest in the flagship digital asset. Under Bukele, El Salvador became the first country to make BTC a legal tender and the first sovereign state to purchase the cryptocurrency.
President Bukele had previously predicted that Bitcoin’s value could reach $100,000.
El Salvador’s last Bitcoin purchase was on June 30, 2022. Then, the country bought 80 Bitcoin at an average cost of $19,000. Cumulatively, the government has spent over $100 million to acquire a total of 2,381 BTC –the current bear market conditions have dropped the asset’s value to less than $40 million.
Meanwhile, the Central American country was briefly in the news recently after rumors emerged that it stored its Bitcoin on the bankrupt crypto exchange FTX. Binance CEO Changpeng Zhao labeled this misinformation as President Bukele told him that the country does not have any Bitcoin on FTX and “never had any business with them.”
President Bukele described BTC as the opposite of FTX and likened the struggling exchange to a Ponzi scheme.
The founder of TRON Network, Justin Sun, expressed willingness to copy President Bukele’s 1 BTC per day purchase.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
