Amid the current and prolonged crypto winter, the President of El Salvador Nayib Bukele announced the commencement of Bitcoin purchases starting last week.
“We are buying one Bitcoin every day starting tomorrow”, said Bukele in a tweet on November 17.
In September last year, El Salvador confirmed Bitcoin to be a legal tender in the country, and since then, the country has acquired Bitcoins worth more than $350 million.
Despite warnings from the World Bank and IMF about his bet on Bitcoin, Bukele still believes that Bitcoin is good for the country’s financial system, although, the country has incurred some loss in its Bitcoin purchases due to the current and prolonged crypto winter, it hasn’t in any way stopped Bukele’s intentions of adding to the country’s Bitcoin holding.
Recently, rumor spread across the crypto industry that El Salvador is holding all its Bitcoin in the insolvent FTX exchange, a rumor which was denied by Bukele in a conversation with Binance CEO.
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El Salvador Bitcoin Address
Despite holding more than 2,300 BTC, according to reports, Bukele since he started purchasing has not yet shared the Bitcoin wallet address.
This summer, Bukele purchased 80 Bitcoins and only shared the screenshot of the transaction which eventually suggested that the country is using a centralized exchange for its crypto transactions.
Following the announcement, President Bukele commented on the FTX saga, which according to him, “FTX is the opposite of Bitcoin,” he added that Bitcoin was created to prevent events like the Ponzi scheme, and bank runs amongst others.
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