Despite reports that El Salvador’s Bitcoin revolution is failing badly, President Nayib Bukele has continued to maintain his bullish stance on the leading cryptocurrency. In a Thursday tweet, the bitcoin-loving president stated that El Salvador will be buying 1 BTC every day starting tomorrow (Nov 18).
However, Bukele did not reveal how long the country will continue with the new initiative.
El Salvador Continues to Increase Its Bitcoin Position
El Salvador adopted bitcoin as a legal currency on September 7, 2021, and ever since Bukele has been accumulating the digital asset to the country’s portfolio.
Since making Bitcoin a legal tender, El Salvador has bought more than $350 million worth of the digital asset. The country’s last purchase happened in July. At the time, the Central American nation added 80 bitcoins to its balance sheet. The BTC was bought at an average price of $19,000 each.
Now, Bukele has announced that he will be adding 1 BTC to the county’s portfolio daily.
Bukele Maintains Bullish Stance on Bitcoin
Several factors including the Terra fiasco in mid-May, macroeconomic headwinds as well as the recent FTX collapse have held the crypto market down this year, with BTC dropping more than 70% in value since its all-time high of $69,000 in November 2021. BTC is down 2% on the day and was trading at $16,560 at the time of writing.
According to reports, following the recent market conditions, El Salvador’s bitcoin stash has lost nearly 70% of its value. However, Bukele recently disputed claims that the country incurred losses on its bitcoin investment. According to him, the Central American nation hasn’t made any losses since it has not sold its bitcoin stash.
In June, El Salvador’s Finance Minister Alejandro Zelaya also revealed that the crash in bitcoin and crypto prices has minimal risk to the country’s fiscal health.
Meanwhile, an April report revealed that tourism in El Salvador is up 30% since the country adopted bitcoin as a legal tender.
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