Bitcoin falls but this country takes advantage of the crypto crisis to buy 1 BTC a day

News JVTech Bitcoin falls but this country takes advantage of the crypto crisis to buy 1 BTC a day

The winter of cryptos and the fall of some industry giants does not seem to make anyone unhappy. With the fall in the price of Bitcoin, some even see sales before their time. This is the case of this country which intends to buy 1 bitcoin per day in order to make the most of the crisis.

This country continues to accumulate Bitcoin

From its peak at around €54,000, Bitcoin has steadily fallen to a price of €16,500, at the time of writing. Thus, it is clear that 2022 will not have been the most profitable year for investors and other bitcoin miners.

Oscillating between rising and falling phases, the volatility of cryptocurrency continues to make dreamers. In this sense, many take advantage of these low points to buy their BTC at the best price. This is the case of El Salvador, which confirms its title of Bitcoin country.

Indeed, the smallest country in Latin America located between Guatemala and Honduras has been using bitcoin as legal tender for over a year. Despite the fall in price, its president Nayib Bukele does not seem worried since he announced that he wanted to buy Bitcoin to increase the country’s crypto stock.

To do this, the government intends to “buy a Bitcoin every day”.

This announcement was transmitted by the Twitter account of the president pro Bitcoin, Nayib Bukele:

From November 18, 2022, El Salvador has therefore committed to buying 1 BTC per day – but it is still unclear when it will stop…

El Salvador: the country of Bitcoin

This government commitment should enable El Salvador to supply its already sizeable reserves with liquidity. Indeed, the country currently has 2,301 bitcoins, or 37,966,500 euros at current prices.

Although it may seem excessive, El Salvador has every reason to stock up. Since September 7, 2021, El Salvador has become the first country in the world to make bitcoin a legal tender. The initiative was taken by Nayib Bukele, president of El Salvador and cryptocurrency lover among others.

The government is therefore continuing on the path that it has taken, namely experimenting with the daily use of Bitcoin on a very large scale, despite the massive reluctance of the inhabitants.

Last month, a poll showed a much less optimistic reality of the situation. Of nearly 1,269 responses, 77.1% residents wanted El Salvador to stop “spending public money to buy Bitcoin”.

In this sense, the main stakeholders are not necessarily involved in the maneuvers of their leaders. Many fear yet another fall in the price of Bitcoin. In this type of scenario, the state coffers would see their value drop significantly, despite the Salvadoran taxpayers. Nevertheless, Nayib Bukele is optimistic and intends to use the context of decline to hope to derive a capital gain if the opposite situation occurs.

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