What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»We Are Buying One Bitcoin Every day – Nayib Bukele 
    News

    We Are Buying One Bitcoin Every day – Nayib Bukele 

    Anietie DavidBy Anietie DavidNovember 17, 2022Updated:November 17, 2022No Comments2 Mins Read
    We Are Buying One Bitcoin Every day - Nayib Bukele 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    El Salvador President Nayib Bukele announced that the country would start buying Bitcoin on a daily basis from the 18th of November, 2022.

    While many people have turned away from cryptocurrencies in the wake of the recent events surrounding the FTX crash, President Bukele had a different perspective. He took the chance to make a stronger argument for the use of Bitcoin after the occurrence.

    “We are buying one Bitcoin every day starting tomorrow,” Bukele said in a post on Twitter. Prior to introducing Bitcoin as legal tender last year, El Salvador started putting Bitcoin on its books. The Central American country currently holds about 2,381 Bitcoin. However, at an average purchase price of roughly $43,000, it has accumulated a loss of $54.

    We are buying one #Bitcoin every day starting tomorrow.

    — Nayib Bukele (@nayibbukele) November 17, 2022

    Nayib Bukele Still Bullish on Bitcoin

    After declaring Bitcoin to be legal money in September 2021, El Salvador began purchasing the currency in September 2021. At the time, BTC was experiencing a bull market, making every investment the country made appear profitable since the price was setting new records every other week. But when the bear market began to take hold by the second quarter of 2022, El Salvador’s early BTC purchases began to seem like a risky bet that cost him dearly.

    El Salvador has just bought it’s first 200 coins.

    Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC🇸🇻

    — Nayib Bukele (@nayibbukele) September 6, 2021

    El Salvador reportedly paid $43,000 on average for 2,381 BTC. As a result, the country’s BTC purchase cost close to $103.23 million, and the price of that BTC is presently $39.4 million.

    El Salvador may be able to somewhat offset its losses in the upcoming months with the introduction of a new BTC purchasing procedure at a time when the most popular cryptocurrency is trading at a new cycle low. Beyond the tiny country’s losses on its Bitcoin purchases, the leading cryptocurrency has played a crucial role in considerably lowering the cost of cross-border remittances and boosting the tourism industry.

    Dollar cost averaging is a method of buying bitcoin on a regular schedule as opposed to in response to market fluctuations (DCA). The benefit of DCA is that it eliminates the emotional component of decision-making, resulting in you spending less money overall over time while timing the market.

    Bitcoin Cryptocurrency Economy El Salvador Nayib Bukele
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleCelebrity FTX Investors Named In Class-action Lawsuit Against FTX 
    Next Article Coinbase CEO, Brian Armstrong, Sells Over $1.6 Million in Coinbase Shares
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.