Fierce bear market and recent stock market crashes El Salvador President Nayib Bukele Bitcoin (BTC) He seems unable to give up his passion. Finally, he made an interesting decision and announced that he would receive one Bitcoin every day.
El Salvador’s decision to buy 1 Bitcoin per day came at a time when the country was going through various financial uncertainties.
El Salvador Announces It Will Buy One Bitcoin (BTC) Every Day From Tomorrow
In the latest development, El Salvador Nayib Bukele announced that they will once again continue their Bitcoin purchases.
President Nayib Bukele wrote in his latest tweet: “We are buying one Bitcoin every day starting tomorrow”. However, he did not specify how long they would continue this acquisition program.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
Justin Sun, who commented under this post, supported this event and said that as TRON DAO, they will receive 1 Bitcoin every day.
we echo @nayibbukele‘s initiative in buying #Bitcoin daily We will also buy one #Bitcoin everyday starting tomorrow! 🫡
— HE Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 17, 2022
El Salvador’s Bitcoin Law took effect on September 7, 2021 last year. The country bought about $375 million worth of Bitcoin, but its current loss is more than $60 million.
President Nayib Bukele has been one of the biggest proponents of Bitcoin and believes it will be good for the country’s finances.
Moreover, despite repeated warnings from the IMF and the World Bank to withdraw from Bitcoin investments, Bitcoin is not giving up.
Last year’s BTC price drop was definitely a big hit for El Salvador. The emergence of the FTX event last week also put BTC under a great deal of selling pressure.
However, it seems that President Nayib Bukele has gathered enough confidence to make a long-term investment in new Bitcoin purchases.
President Nayib Bukele is working on acquiring Bitcoin as well as building an entire Bitcoin economy infrastructure.
Due to ambitious Bitcoin plans, all top rating agencies have downgraded El Salvador’s credit rating. Rating agency Fitch predicts that the country may not be able to pay its debt next January.
On the other hand, the approaching recession, rising inflation and worsening financial situation seem likely to further damage the country’s economy.
*Not investment advice.
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