El Salvador continues to purchase one bitcoin per day as part of the “1 bitcoin a day program” until the cryptocurrency becomes unaffordable to fiat currencies, and the bitcoins earned will be deposited to the same wallet addresses used to hold the majority of its bitcoin stash in that country.
One Bitcoin a Day Program Continues in El Salvador
El Salvador President Nayib Bukele shared an update on El Salvador's "1 bitcoin a day program" on social media platform X on Friday.
El Salvador has been buying one bitcoin a day since 2022, according to President Nayib Bukele, who confirmed that his country's "1 bitcoin a day program" will continue until the cryptocurrency "becomes unaffordable with fiat currency." Bitcoins earned from El Salvador's daily purchases were also deposited to the same wallet addresses used for "most" of the bitcoins Bukele previously disclosed. The "1 bitcoin a day program" began in November 2022 when Bukele announced daily purchases of one bitcoin by El Salvador, starting on November 18, 2022.
This will continue until #Bitcoin becomes unaffordable with fiat currency.
•Nayib Bukele (@nayibbukele) March 16, 2024
On Thursday, El Salvador's president revealed that El Salvador has decided to transfer most of its bitcoin holdings to cold wallets and store them in physical vaults within the country.
On Friday, he provided an update on the program, stating that El Salvador would continue buying bitcoin every day "until bitcoin becomes unaffordable with fiat currency." He also revealed that the latest BTC from the program had been deposited to an El Salvador address that had recently received "the vast majority" of the country's bitcoin deposits. in September 2021, El Salvador made history by becoming the first country to adopt bitcoin as legal tender alongside the US dollar, despite warnings from the International Monetary Fund (IMF).
What do you think about El Salvador buying one bitcoin per day and will continue until this cryptocurrency is unaffordable with fiat currency? Let us know in the comments section below.
