El Salvador to Purchase Bitcoin Everyday from 18N.
In the latest development, El Salvador Nayib Bukele announced that they will resume their Bitcoin purchases once again. In his recent tweet, President Nayib Bukele wrote: “We are buying one Bitcoin every day starting tomorrow”. However, he hasn’t suggested how long they will continue with this buying program.El Salvador’s Bitcoin Law came into effect last year on September 7, 2021. The country has acquired nearly $375 million worth of Bitcoins, however, has been sitting at more than $60 million in unrealized paper losses.
President Nayib Bukele has been the biggest proponent of Bitcoin and believes that the crypto would be good for the country’s financial health. Furthermore, he has gone against all odds for their Bitcoin bet despite repetitive warnings from the IMF and the World Bank to withdraw from their Bitcoin bet.
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