El Salvador will start buying bitcoin every day, according to Salvadoran President Nayib Bukele. Since adopting the cryptocurrency as legal tender, El Salvador has purchased around 2,381 bitcoins for its treasury.
El Salvador will buy Bitcoin every day
The president of El Salvador, Nayib Bukele, announced this Thursday on Twitter that his country will buy a bitcoin every day starting tomorrow.
Following Bukele’s announcement, Tron founder Justin Sun said he will do the same, tweeting: “We remember @nayibbukele’s initiative to buy bitcoins daily. We will also buy one bitcoin every day starting tomorrow.”
Bukele was undeterred by the recent turmoil surrounding bankrupt cryptocurrency exchange FTX. On Sunday, the Salvadoran president explained in a tweet:
FTX is the opposite of Bitcoin. The Bitcoin protocol was created precisely to prevent Ponzi schemes, bank runs, Enron, Worldcom, Bernie Madoff, Sam Bankman-Fried... bailouts and wealth transfers. Some understand, others still don't. We are still early.El Salvador adopted bitcoin as legal tender along with the US dollar in September last year. Since then, the country has bought around 2,381 bitcoins for its treasury. President Bukele is a strong supporter of cryptocurrencies. He recently attributed El Salvador’s tourism recovery to BTC, surfing, and reduced crime.
However, a survey conducted in October indicated that almost two-thirds of the population have a negative impression of bitcoin, and only a quarter of Salvadorans use 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 outweigh its potential benefits. However, the government of El Salvador has rejected the IMF warning and continues to adopt bitcoin.