El Salvador will continue to buy Bitcoin until fiat can no longer afford them, according to its president.
El Salvador’s president, Nayib Bukere, has once again underscored the country’s unwavering approach to Bitcoin acquisition. In a tweet on Saturday, he reiterated that El Salvador will persist in purchasing the digital asset until it becomes unaffordable in fiat currencies.
The 1 #Bitcoin a day program just deposited today's #Bitcoin
Receipts: https://t.co/RohuJdqSxF https://t.co/Uu09goPjAD
— Nayib Bukele (@nayibbukele) March 16, 2024
Bukere quoted his tweet from November 2022 in the post, where he noted that El Salvador would commence buying one bitcoin every day from the 18th of that month. He then shared a receipt showing El Salvador bought and deposited 1 BTC in its cold storage.
The president’s tweet came hours after announcing that El Salvador has adopted a cold storage method for its Bitcoin holdings. Bukere described their new Bitcoin saving pattern as the country’s “first Bitcoin piggy bank.”
Bitcoin Believer
Since Bukere’s proposal to adopt Bitcoin as legal tender in El Salvador was approved, he has never stopped admiring the digital gold. Despite criticisms from international bodies, the country seems to have flourished under its new fiscal system.
Bukere’s belief in Bitcoin has paid off, as the country’s bag sits at over 40% unrealized profit. It is unclear what amount of Bitcoin El Salvador holds, but the transfer to their cold wallet on Friday, which was a large chunk of its Bitcoin bag, gives insight into the lingering question. Notably, Bukere stated that its direct Bitcoin purchases were just one of the numerous ways the country gets the asset.
Buys to Continue
With Bukere reconfirming that the buying spree is still ongoing, El Salvador will continue buying at least 1 BTC daily in the foreseeable future. They may not be big buyers like Microstrategy or US exchange-traded funds (ETFs) like BlackRock and Fidelity, but their bags will add up significantly in the future.
El Salvador’s Bitcoin success could also be instrumental to institutional mainstream adoption, given how it has helped the country curb inflation. Companies like Tether have already dedicated a portion of their reserve for Bitcoin accumulation and are on track to compete with Microstrategy for who owns the biggest stash of the crypto asset.
