1xbit

El Salvador wants one Bitcoin a day

El Salvador’s president, Nayib Bukele, said that he would purchase one Bitcoin every day.
| Cryptopress
Updated: November 21, 2022

CryptoPress

Recently, in response to the FTX problem, the president said that this exchange was antithetical to the essence of Bitcoin. A few hours ago, he revealed on Twitter a significant decision: beginning immediately, he will purchase one Bitcoin each day.

Bitcoin (BTC) has seen a price decrease of 64.69 percent so far this year as a result of the cryptocurrency crisis, which has been triggered by a number of events, including the failure and bankruptcy of the FTX exchange and the collapse of the Terra ecosystem. Due to this, many have been disillusioned with the crypto world, sold their assets, and now scream against digital currencies on the internet.

Others, on the other hand, continue to believe in cryptocurrencies and are such fervent Bitcoin advocates that they are searching for ways to restore the currency’s legitimacy.

Did El Salvador win or lose?

El Salvador has 2,381 bitcoins, with its most recent acquisition being on July 1 of this year. At that time, one bitcoin was worth around $19,000 USD. International bodies have questioned him extensively on his investment in the leading cryptocurrency.

Bukele views the turmoil caused by FTX as a chance to strengthen his argument for BTC adoption, since many investors are turning their backs on cryptocurrencies.

He is not isolated. In a recent interview, Jack Mallers, CEO of mobile payments business Strike, stated that the world is beginning to realize that the whole cryptocurrency market is a gigantic arbitrage over the first and greatest digital asset.

Mallers, a known maximalist, said, “There’s Bitcoin and then there’s everything else.”

The remaining component of assets totals around $540 billion. The addition of Bitcoin’s market value of about $320 billion takes the overall market capitalization of cryptocurrencies to $860 billion. The entire market capitalization reached an all-time low of $830 billion on November 10. In the four days after the FTX crash, investors withdrew $270 billion, according to Chainalysis, which examined all crypto/USD trading last week.

Justin Sun’s support

Bukele’s announcement was met with a variety of responses, some in support, some in opposition, and others in jest. The most notable response is that of Justin Sun, creator and CEO of Tron, who said he would duplicate the concept.

#UNGA” by The White House is marked with Public Domain Mark 1.0.

© 2022 Cryptopress. For informational purposes only, not offered as advice of any kind.

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