El Salvador’s President Nayib Bukele recently begun purchasing bitcoin

New York City: Nayib Bukele, the President of El Salvador, recently sent out a tweet announcing that the nation would begin purchasing one Bitcoin each day beginning on Friday. The President of El Salvador came up with the concept in order to find a solution to the present bear market and the losses that have been sustained as a direct consequence of it.

In September of 2021, El Salvador became the first nation in the world to acknowledge bitcoin as a valid form of government-issued currency. Since that time, the county has been on an accumulation tear and has put away a significant quantity. According to certain reports, El Salvador is rumored to be in possession of up to 2,381 BTC, which would have a worth of around $103 million at the time of publication.

The value of El Salvador’s Bitcoin assets, however, has decreased to $39.4 million as a direct result of the continuing bad market. But on November 17th, El Salvador’s President Bukele made the announcement that beginning on November 18th, the government would acquire one Bitcoin every single day. The most recent news comes just about three months after the Latin American nation made its most recent purchase of Bitcoin, which occurred in July of this year.

After declaring in September of the previous year that bitcoin would be recognized as a form of legal cash, El Salvador quickly started to amass substantial amounts of the cryptocurrency. At that time, Bitcoin was in the midst of a bull run, and each and every purchase of Bitcoin by the government was seen as profitable. This was due to the fact that the value of the asset was climbing to new heights almost every other week.

But things have taken a dramatic turn for the better, particularly since the middle of this year’s second quarter. As the bear market progressed to its full extent, the substantial losses made it look as if the investment the government made was a poor one.

According to certain public data, El Salvador is said to be in possession of 2,381 Bitcoin, which are now valued at $43,357 apiece. As a result, the government invested close to $103 million in bitcoin, which is equivalent to around $39.4 million at the present time.

According to the statement, El Salvador may be able to recover some of its losses over time by purchasing brand new Bitcoins every day, even while the value is hovering around a new low. Aside from the setbacks, the adoption of Bitcoin has had a tremendous positive impact on El Salvador’s tourist industry. Additionally, it decreased the amount of money it sent internationally.

According to the survey, Bitcoin is accepted by the majority of tourist destinations; nevertheless, there is still room for improvement in terms of mobile payment apps. As a direct consequence of the crypto winter, the Bitcoin adoption rate in the nation does not seem to be very encouraging right now. If however it continues to hang onto its existing acquisitions, the nation could be able to compensate for when the subsequent bull run occurs.