El Salvador to Buy One Bitcoin per Day: Bukele

El Salvador will start buying one Bitcoin (BTC) each day starting November 18, according to a tweet from the country’s president, Nayib Bukele. Although some analysts think Bitcoin’s price may decline further before reaching a bottom, the asset has already lost 75% of its value since reaching its all-time high in November last year, so should the country move forward with its intentions, it may be able to purchase at a favorable price.

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

At this point, Bukele has been purchasing Bitcoin on behalf of the nation for more than a year. The nation adopted Bitcoin as legal tender for the first time ever under his direction and currently holds a massive BTC reserve of 2,381.

However, Bukele has been unfortunate because the nation had been purchasing the asset at a rather expensive price (though, to be fair, he was buying the dips during the high period). As a result, his critics continue to question his decisions.

Bitcoin under Immense Bearish Pressure with Ongoing Crypto Crisis

The demise of FTX, the second-largest centralized crypto exchange, is one of the factors putting the most pressure on the price of Bitcoin at the moment. Despite the fact that the price fell by several thousand dollars following this incident, there are worries about contagion because there may be other exchanges that depend on FTX’s operation and are at risk as a result. Withdrawals have already been paused on several exchanges, such as BlockFi, and Genesis has begun showing solvency issues.

If Bitcoin’s boom-crash cycles continue in the future, Bukele may be purchasing Bitcoin at the lowest prices ever. Even so, Bitcoin has never been through a global recession, so anything is still possible.

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