Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how El Salvador is continuing its plan of purchasing a Bitcoin on a daily basis.
"1 Bitcoin a day program"
The nation of El Salvador, one of the standout early adopters of cryptocurrency, has continued its program of purchasing a single Bitcoin every day, even during market downturns. According to information from BitInfoCharts, the nation's crypto wallet address have been actively purchasing a single Bitcoin every day, meaning the data is agreeing with the strategic accumulation strategy via the government controlled wallet.
The nation is consistently buying Bitcoin daily and this is in line with the announcement made by Salvadoran President Nayib Bukele back in November 2022. In March of this year he reiterated that El Salvador will keep buying 1 Bitcoin daily, until it “becomes unaffordable with fiat currencies.” The president then went on to confirm in February that it has no intention of selling its Bitcoin reserves.
The acquisitions began on the 18th of November 2022, and the president also announced that the nation had decided to move a large proportion of its Bitcoin holding onto a cold wallet, which is being stored in a physical vault within the country’s territory. President Nayib Bukele referred to this as the nations “first Bitcoin piggy bank.”
The nation made history back in September 2021 when they became the first country to adopt bitcoin as legal tender alongside the U.S. dollar. They have gained Bitcoin through purchases and mining, and have been generating revenue through bitcoin-related initiatives.
Venture capitalist Tim Draper has noted his belief that El Salvador could become one of the wealthiest nations within the world. Although the price of Bitcoin has fallen in recent days due to the increased selling pressure from Mt. Gox repayments and a bleak economic outlook, El Salvador continues to purchase and currently have around 5,600 Bitcoin worth over $400 million. Currently Bitcoin sits at around $58,000 as the total liquidations reached $260 million, but it was trading around $63,000 on the 2nd of July.
A reports by Reuters showed that El Salvador mined 474 Bitcoins in the last three years through the use of geothermal power of the Tecapa volcano. The LatAm nation also revealed its intentions to advance Bitcoin integration into its banking system. A reform proposal has been submitted which targets enabling the bank to conduct operations in BTC and the US dollar. Bukele previously said that the nation does not simply purchase BTC but accumulates it through passport sales, currency conversions, mining operations, and other government services.
Have a great day.
Peace. CryptoGod-1.
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