Cryptocurrency

President Bukele reveals El Salvador will buy 1 Bitcoin daily

President Naive Bukele announced El Salvador to buy 1 Bitcoin (BTC) daily starting November 18th.

The recent bear market does not appear to have deterred President Bukele’s interest in major digital assets. Under Bukele, El Salvador became the first country to legalize BTC and the first sovereign nation to buy cryptocurrency.

President Bukele previously predicted that Bitcoin could reach $100,000 in value.

The last time El Salvador bought Bitcoin was June 30, 2022. Since then, the country has bought 80 Bitcoins at an average price of $19,000. Cumulatively, the government spent over $100 million to acquire a total of 2,381 BTC.

Meanwhile, the Central American country briefly made the news recently after rumors circulated that it was hoarding bitcoin on bankrupt cryptocurrency exchange FTX. Changpeng Zhao, his CEO of Binance, said this mistake was made because President Bukele said the country does not hold bitcoin in his FTX and “never traded with them.” I have labeled the information.

President Bukele described BTC as the opposite of FTX, likening the struggling exchange to a Ponzi scheme.

Justin Sun, founder of Tron Network, expressed I am willing to copy President Bukele’s purchase of 1 BTC per day.

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