El Salvador will begin purchasing one bitcoin per day, according to President Bukele

Nayib Bukele, the president of El Salvador, declared that the country will start buying one Bitcoin (BTC) every day.

The news comes three and a half months after El Salvador is said to have made its final Bitcoin purchase, 80 BTC at a cost of $19,000 each, in July 2022.

According to information from Buy Bitcoin Worldwide, El Salvador is said to have 2,381 BTC with an average purchase price of $43,357. This amount is mostly based on the date the President declared his Bitcoin investments, but it cannot be validated since there is no public or on-chain record identifying the purchases.

According to reports, the country has so far spent over $103.23 million on Bitcoin purchases. However, because the most popular cryptocurrency is currently selling at roughly $16,500, this implies losses of more than $63 million as the actual worth of its stockpile is $39.47 million.

Where is the Bitcoin address for El Salvador?

Bukele has claimed in the past that El Salvador, the first country in the world to accept Bitcoin as legal cash, has never sold any of its crypto holdings, but he has never revealed the wallet addresses connected to the earlier acquisitions.

The President only provided photos of the alleged transactions when he purchased 80 Bitcoin this summer, indicating that El Salvador was using a centralized exchange to carry out trades.

Today's declaration also comes in response to Bukele's prior remarks on the FTX scandal, in which he stated that "FTX is the reverse of Bitcoin" in a tweet earlier this week.

He claimed that the purpose of the Bitcoin protocol was "exactly to prevent Ponzi schemes, bank runs, Enron, WorldCom, Bernie Madoff, Sam Bankman-Fried... bailouts, and wealth reallocations."

Article Credit: Decrypt

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