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El Salvador to buy one bitcoin a day in the midst of the cryptocurrency crisis

Daniel Stewart

2022-11-17
Archive
Archive – Protests against bitcoin in San Salvador, El Salvador – CAMILO FREEDMAN / ZUMA PRESS / CONTACTOPHOTO

The president of El Salvador, Nayib Bukele, has announced the purchase by the State of one bitcoin per day starting this Thursday, after in recent days he has defended the bet on this cryptocurrency in a context of falling value.

«We are going to buy a bitcoin a day starting tomorrow,» Bukele wrote on Wednesday in English on his Twitter account, where he periodically defends that El Salvador is the only country in the world to adopt this cryptocurrency as official currency.

Last week, the Salvadoran president came out against doubts about this system after the fall of the FTX firm, since he considers that it represented «the opposite of bitcoin», and in recent months he has questioned the warnings issued by financial organizations such as the International Monetary Fund (IMF).

The Government has not offered clear statistics on bitcoins acquired and their value, although in May Bukele himself confirmed the purchase of 2,301 units. September marked the first anniversary of this monetary policy, promoted by the president and endorsed by the National Assembly, dominated by the ruling New Ideas party.

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