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.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
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.
We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow! 🫡
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 17, 2022
Justin Sun also confirmed to also begin the campaign of buying one Bitcoin daily.
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