President Nayib Bukele announced that El Salvador would purchase 1 Bitcoin (BTC) each day beginning November 18.
We’re shopping for one #Bitcoin day by day beginning tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
The latest bear market doesn’t seem to have deterred President Bukele’s curiosity within the flagship digital asset. Beneath Bukele, El Salvador turned the primary nation to make BTC a authorized tender and the primary sovereign state to buy the cryptocurrency.
President Bukele had beforehand predicted that Bitcoin’s worth might attain $100,000.
El Salvador’s final Bitcoin buy was on June 30, 2022. Then, the nation purchased 80 Bitcoin at a mean value of $19,000. Cumulatively, the federal government has spent over $100 million to accumulate a complete of two,381 BTC –the present bear market situations have dropped the asset’s worth to lower than $40 million.
In the meantime, the Central American nation was briefly within the information lately after rumors emerged that it saved its Bitcoin on the bankrupt crypto alternate FTX. Binance CEO Changpeng Zhao labeled this misinformation as President Bukele advised him that the nation doesn’t have any Bitcoin on FTX and “by no means had any enterprise with them.”
President Bukele described BTC as the other of FTX and likened the struggling alternate to a Ponzi scheme.
The founding father of TRON Community, Justin Solar, expressed willingness to repeat President Bukele’s 1 BTC per day buy.