Last Updated: November 17, 2022, 18:10 IST
El Salvador Buying Bitcoin Daily: El Salvador President Nayib Bukele on Thursday said his country will start buying one bitcoin a day from tomorrow (Friday, November 18). It comes at a time when cryptocurrencies are facing continuous price pressure amid a liquidity crisis at a crypto exchange FTX.
“We are buying one #Bitcoin every day starting tomorrow,” El Salvador President Nayib Bukele said in a tweet on Thursday.
The price of Bitcoin currently stands at $60,300. It is about 73 per cent lower as compared with $60,300 a year ago.
Justin Sun, the founder of the Tron cryptocurrency network and Grenada’s ambassador, on Thursday also said, “We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow!”
In June last year, El Salvador became the first country to use bitcoin as legal tender, alongside the US dollar. Since then the debt-riddled nation has reportedly purchased 2,381 BTC at an average price of $43,000.
However, the International Monetary Fund’s (IMF) board has “urged” El Salvador to do away with its move to make bitcoin a legal tender, while calling for strict regulation of the country’s e-wallet.
Last week, cryptocurrencies, including Bitcoin, Ethereum, Polygon, witnessed massive sell-offs with some declining by as much as 16 per cent within 24 hours. The cryptos felling due to the financial crisis at a major crypto exchange FTX and the situation was further aggravated following the disintegration of the Binance-FTX rescue deal.
On November 10, Bitcoin was down about 16 per cent amid the fiasco, while Ethereum and XRP were down 12 per cent. Polygon was trading lower by about 7 per cent. Ether also declined about 13 per cent.
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