El Salvador Will Start Buying 1 Bitcoin Every Day, President Bukele Says

El Salvador Will Start Buying 1 Bitcoin Every Day, President Bukele Says

Nayib Bukele. Photo: Reuters

El Salvador's President Nayib Bukele has announced that the country will start buying one Bitcoin (BTC) every day. The policy will take effect on November 18.

El Salvador will start buying one Bitcoin every day, said President Nayib Bukele. The last time the country made a Bitcoin purchase was in July 2022, purchasing 80 BTC at a price of $19,000 per coin. Now its value has decreased significantly and at the time of writing it was $16,840.

According to Buy Bitcoin Worldwide, El Salvador allegedly owns 2,381 BTC at an average purchase price of $43,357. However, there are no records that would confirm the exact price. The country has reportedly spent about $103.23 million to buy Bitcoin to date.

Reacting to Bukele's announcement, Tron founder Justin Sun said that “we will also buy one Bitcoin every day starting tomorrow.”

Bukele's statement came amid ongoing discussions about the collapse of the FTX cryptocurrency exchange. Earlier this week, Bukele also said that Bitcoin is the complete opposite of FTX, and its protocol was created precisely to prevent such schemes.

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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