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El Salvador’s Bitcoin prescription, according to Nayib Bukele, is 1 BTC every day
El Salvador, the first country in the world to accept Bitcoin as legal cash in September 2021, is restarting its BTC purchases after pausing for several months due to the market’s bearishness. El Salvador’s president, Nayib Bukele, declared on November 16 that the country of Central America will begin buying Bitcoin daily on November 17. The news was made about three months after the country’s final BTC acquisition in July 2022. After declaring Bitcoin to be legal tender in September 2021, El Salvador began purchasing the currency. At the time, BTC was experiencing a bull market, making every investment the country made appear profitable since the price was setting new records every other week. But as the bear market began to take hold by the second quarter of 2022, El Salvador’s early BTC purchases began to seem like a risky bet that cost him dearly. El Salvador presently possesses 2,381 BTC at an average purchase price of $43,357, according to public records. As a result, the country’s BTC purchase cost close to $103.23 million, while the price of the same BTC is today $39.4 million.
El Salvador may be able to somewhat offset its losses in the upcoming months with the introduction of a new BTC purchasing procedure at a time when the most popular cryptocurrency is trading at a new cycle low. Beyond the losses the small country suffered from its BTC purchases, the leading cryptocurrency has played a critical role in significantly lowering the cost of cross-border remittances and boosting the tourism industry. Cointelegraph reporter Joe Hall is currently on the ground in El Salvador and is relying solely on BTC. Early updates from Hall indicate that while the majority of tourism destinations accept Bitcoin, mobile applications and services still require improvement.
Due to the severe crypto winter, El Salvador’s adoption of Bitcoin may not seem very optimistic right now. Will El Salvador’s president, Nayib Bukele, a supporter of bitcoin, be persuaded to rethink his bet with the country’s finances by the decline in the price of bitcoin following the collapse of ftx, a cryptocurrency exchange? According to the history of the price of bitcoin, the nation can easily offset its losses in the following bull cycle by merely holding onto its BTC purchase. Mr. Bukele, who established bitcoin as legal tender in September 2021, appears obstinate so far. On November 17th, he announced that his government would start purchasing one bitcoin every day after going nearly six months without doing so. He has also dismissed criticism of his choice to purchase it. He wrote two months ago, “Stop swallowing the elites’ Kool-Aid and look at the facts.