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El Salvador Announces The Purchase Of 1 Bitcoin Per Day

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Bitcoin continues its moderate rise with the recognition of a state as an official currency for the first time in the world of cryptocurrencies. There continues to be one good news after another in Bitcoin, refreshing the record of the previous period every day. An important news in this regard undoubtedly came from El Salvador.

We Will Continue To Buy Bitcoin In The New Process

The President of El Salvador, Nayib Bukele, announced on his social media account that he will receive one Bitcoin every day. In the statement published on the social media address of the official news channel of the state, it was stressed that they will continue to receive 1 Bitcoin every day. 

El Salvador, the first country in the world to allow Bitcoin as a means of payment, reacted to the decline of the cryptocurrency market. El Salvador’s President Nayib Bukele said in a statement on his social media account that he will buy one Bitcoin every day.

El Salvador Announces The Purchase Of 1 Bitcoin Per Day

Bitcoin Became The Official Currency Of El Salvador For The First Time

It is worth briefly recalling that El Salvador announced on June 5, 2021, that it would pass a law to make Bitcoin a legal currency, and passed the Bitcoin law on June 9, 2021, despite criticism from the International Monetary Fund (IMF) and opposition from citizens who feared Bitcoin’s volatility.

As a result, it went into effect on September 7, 2021. To date, El Salvador has received an estimated 2,381 Bitcoins, 80 of them by the end of June 2022. 

As a result of the bankruptcy of FTX, a cryptocurrency exchange in the Bahamas, Bitcoin fell below $16,000 and the market capitalization of cryptocurrencies dropped from $1 trillion to $800 billion. El Salvador’s statement reiterated that the country was not affected by this decline.

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