El Salvador to Buy Bitcoin Every Day Starting Tomorrow, President Says
El Salvador will start buying bitcoin every day, according to Salvadoran President Nayib Bukele. Since adopting the cryptocurrency as legal tender, El Salvador has bought about 2,381 bitcoins for its treasury. El Salvador to Buy Bitcoin Every Day
The president of El Salvador, Nayib Bukele, announced on Twitter Thursday that his country will buy one bitcoin every day starting tomorrow.
Following Bukele’s announcement, Tron founder Justin Sun said he will do the same, tweeting: “We echo @nayibbukele’s initiative in buying bitcoin daily. We will also buy one bitcoin every day starting tomorrow.”
Bukele is not deterred by the recent turmoil surrounding the bankrupt crypto exchange FTX. On Sunday, the Salvadoran president explained in a tweet: FTX is the opposite of Bitcoin. Bitcoin’s protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, Worldcom’s, Bernie Madoff’s, Sam Bankman-Fried’s … bailouts and wealth reassignments. Some understand it, some not yet. We’re still early.
El Salvador adopted bitcoin as legal tender alongside the U.S. dollar in September last year. Since then the country has purchased about 2,381 bitcoins for its treasury. President Bukele is a strong proponent of the cryptocurrency. He recently attributed tourism recovery in El Salvador to BTC, surfing, and crime reduction.
However, a poll conducted in October indicated that almost two-thirds of the population has a negative impression of bitcoin, with only a quarter of Salvadorans having used the cryptocurrency.
The International Monetary Fund (IMF) has also warned El Salvador about making bitcoin legal tender, claiming that the costs of making BTC a national currency exceed its potential benefits. However, El Salvador’s government dismissed the IMF’s warning and continues to embrace bitcoin. Tags in this story buying bitcoin every day, buys bitcoin every day, daily bitcoin purchase, Dollar Cost Average, Dollar-Cost Averaging, El Salvador, el salvador bitcoin, El Salvador buying Bitcoin, Nayib Bukele
What do you think about El Salvador buying one bitcoin every day? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Investment Firm Paradigm Still Optimistic About Crypto — Says "Issues at FTX Are Precisely Ones Defi Can Solve" FEATURED | 18 hours ago Berkshire"s Charlie Munger Likes the Fed, Hates Bitcoin Promoters, Calls Tesla"s Success a Miracle FEATURED | 20 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleApple Could Be Developing Its Own Metaverse Platform Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher