El Salvador to Commence Daily Bitcoin Purchases

El Salvador to Launch Bitcoin City
  • Nayib Bukele: We are buying one Bitcoin every day starting tomorrow.
  • Tron`s Justin Sun has also followed suit according to a recent tweet.
  • The crypto community has brought up their reactions.

Nabil Bukele, the president of El Salvador, stunned the world with a recent tweet. This is about the government’s intention to buy 1 Bitcoin a day starting on 18, November 2022. This occurs at a time when the FTX and Alameda saga has caused a significant decrease in the cryptocurrency market and the failure of numerous large-scale projects.

Bitcoin survived Covid-19 as well as the infamous TerraUSD de-pegging. The FTX fall, on the other hand, wreaked havoc on the market, sending the king currency to a two-year low. 

Notably, 6.5 million Salvadorans who trusted their President to invest public funds in Bitcoin were concerned. According to Ricardo Castaneda, an economist at the Central American Institute of Fiscal Studies [ICEFI], El Salvador’s losses is projected to be over $70 million.

Despite this, Bukele remained disconnected as he continued to “buy the dip.” The Salvadoran president was often witnessed purchasing the Bitcoin dip. The demise of the FTX empire did not dim Bukele’s enthusiasm for the behemoth currency. He even tweeted earlier this week that FTX was nothing like Bitcoin.

Interestingly, Tron’s Justin Sun quickly followed up, saying his blockchain project would do the same. 

This has woken a couple of comments and reactions throughout the cryptocurrency community. Some have even gone ahead to follow suit and promised to also buy the dip. Others have suggested that Justin Sun should share the transactions and/or the wallet address so they can follow.  

Conversely, some Twitter users have condemned Bukele`s move. A user says that the idea is not impressive for a country.

It’s like a homeless person saying they’re going to buy one Costco hotdog a day.”

However, with a purchase of one Bitcoin every day, El Salvador is likely to boost its holdings as well as BTC’s price.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer