Bitcoin News

El Salvador will start buying one bitcoin every day tomorrow

In the most recent development, El Salvador Nayib Bukele declared that they would start buying Bitcoin once more. He hasn’t, however, indicated how long they plan to keep up this purchase program.

The Bitcoin Law in El Salvador went into force on September 7 of last year. The nation has purchased Bitcoins worth around $375 million, yet it has more than $60 million in unrealized paper losses.

The largest advocate of Bitcoin, President Nayib Bukele, thinks that the cryptocurrency will improve the nation’s financial situation. Furthermore, he has defied all expectations for their Bitcoin wager despite repeated requests from the IMF and the World Bank to cancel it.

The decrease in the price of bitcoin over the past year has undoubtedly been fatal for El Salvador. Additionally, the FTX episode’s development over the past week has significantly increased selling pressure on BTC.

On the other hand, it appears that President Nayib Bukele has grown confident enough to place a long-term wager on new Bitcoin purchases.

Justin Sun also confirmed to also begin the campaign of buying one Bitcoin daily.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.