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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.