El Salvador has been buying one bitcoin a day since 2022, according to President Nayib Bukele, who confirmed that his country’s “1 bitcoin a day program” will continue until the cryptocurrency “becomes unaffordable with fiat currencies.” The bitcoins acquired from El Salvador’s daily purchases are also deposited into the same wallet address used for the “large chunk” of bitcoins which Bukele previously revealed.
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC 'Becomes Unaffordable' With Fiat Currencies, Says President Bukele
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One Bitcoin a Day Program Continues in El Salvador
El Salvador’s President Nayib Bukele shared an update on El Salvador’s “1 bitcoin a day program” on social media platform X on Friday.
The “1 bitcoin a day program” was initiated in November 2022 when Bukele announced El Salvador’s daily purchase of one bitcoin, starting on Nov. 18, 2022. On Friday, he provided an update on the program, stating that El Salvador will continue to buy bitcoin daily “until bitcoin becomes unaffordable with fiat currencies.” He also revealed that the latest BTC from the program has been deposited into El Salvador’s address that recently received “a large chunk” of the country’s bitcoin stash.
This continues until #Bitcoin becomes unaffordable with fiat currencies. https://t.co/nzeynjXcFk
— Nayib Bukele (@nayibbukele) March 16, 2024
On Thursday, the Salvadoran president disclosed that El Salvador has decided to transfer a large chunk of its bitcoin holdings to a cold wallet and store it in a physical vault within the country’s territory.
In September 2021, El Salvador made history by becoming the first country to adopt bitcoin as legal tender alongside the U.S. dollar, despite warnings from the International Monetary Fund (IMF). Since then, the country has been acquiring bitcoin through various means, including purchases and mining, and the nation has also been generating revenue from bitcoin-related initiatives. Venture capitalist Tim Draper believes that bitcoin will transform El Salvador into one of the wealthiest nations in the world. Last month, Bukele reaffirmed that El Salvador has no intention of selling any of its bitcoins, emphasizing that “at the end, 1 BTC = 1 BTC.”
What do you think about El Salvador buying one bitcoin a day and will continue until the crypto is unaffordable with fiat currencies? Let us know in the comments section below.
