El Salvador to start investing in bitcoin daily

There are a total of 2381 coins in the state’s accounts

17.11.2022 - 08:00

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What’s new? El Salvador’s President Nayib Bukele has announced that the country will buy 1 bitcoin every day starting November 18. The state holds a total of 2381 coins in its accounts. According to the Binance rate on November 17, 06:50 UTC ($16,558), El Salvador’s investments in bitcoin are valued at $39,4 million, with some assets purchased at a higher rate.

We are buying one #Bitcoin every day starting tomorrow. — Nayib Bukele (@nayibbukele) November 17, 2022

El Salvador’s bitcoin situation. El Salvador recognized BTC as a legal tender last September, after which authorities repeatedly invested in the asset. In January, Bloomberg reported that the country’s losses from investments in BTC totaled $12 million. A year later, 77% of citizens spoke out against the policy, while the IMF refused to lend to El Salvador because of the legalization of BTC.

The last purchase was made in early July. Bukele bought 80 BTC for $1,52 million. Economist Nassim Taleb criticized El Salvador’s President, calling him an “idiot,” adding that even if the asset reaches the $100 000 mark, bitcoin has already “failed.”

In June, Bukele predicted that bitcoin would “immensely grow.” He urged investors to remain patient and recommended that they “stop looking at the graph and enjoy life.”

In this, El Salvador delayed the issuance of its bitcoin bonds for the second time. According to Finance Minister Alejandro Zelaya, now is not the right time to issue such investment products.

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