News JVTech Bitcoin falls, but this country uses the crypto crisis to buy 1 BTC a day
The winter of cryptos and the fall of some industry giants doesn’t seem to make anyone unhappy. With bitcoin price plummeting, some are even seeing sales ahead of their time. This is the case in this country, which intends to buy 1 bitcoin a day to make the most of the crisis.
This country continues to accumulate bitcoin
From its peak of around $54,000, Bitcoin has steadily fallen to a price of $16,500 at the time of writing. So it is clear that 2022 will not have been the most profitable year for investors and other Bitcoin miners.
Cryptocurrency volatility, oscillating between rising and falling phases, continues to make dreamers. With that in mind, many are taking advantage of these lows to buy their BTC at the best price. Such is the case of El Salvador, which confirms its title as a bitcoin country.
In fact, the smallest country in Latin America, sandwiched between Guatemala and Honduras, has been using bitcoin as legal tender for over a year. Despite the price drop, its president Nayib Bukele doesn’t seem concerned, as he announced plans to buy Bitcoin to increase the country’s crypto inventory.
The government wants to “buy one bitcoin every day”.
This announcement was delivered by the Twitter account of the pro-Bitcoin President, Nayib Bukele:
As of November 18, 2022, El Salvador has therefore committed to buying 1 BTC per day – but it is still unclear when it will stop…
El Salvador: the land of bitcoin
This government commitment should enable El Salvador to provide liquidity to its already substantial reserves. In fact, the country currently has 2,301 bitcoins or $37,966,500 at current prices.
While it may seem like overkill, El Salvador has every reason to stock up. As of September 7, 2021, El Salvador became the first country in the world to make Bitcoin a legal currency. The initiative was taken by Nayib Bukele, President of El Salvador and cryptocurrency enthusiast, among others.
The government is therefore continuing on the path it has taken of experimenting with the daily use of Bitcoin on a very large scale, despite the massive reluctance of the population.
A survey last month showed a much less optimistic reality of the situation. Out of nearly 1,269 responses, 77.1% of residents wanted El Salvador to stop “spending public money to buy bitcoin.”
In this sense, the main actors are not necessarily involved in the maneuvers of their leaders. Many fear another drop in the Bitcoin price. In such a scenario, despite the Salvadoran taxpayers, the treasury would lose significant value. Still, Nayib Bukele is optimistic and intends to use the context of the decline to hope for a capital gain should the opposite situation materialize.
