Despite the crypto crash, El Salvador plans to buy one Bitcoin a day.
Bukele is eager to purchase BTC, although the FTX empire is crunched.
Thus, through this, El Salvador will increase its Bitcoin holdings soon.
The entire crypto industry is worrying for the ongoing crypto winter and the crash of the market. Investors community and users are suffering a lot for investing their savings in digital assets. As a matter of fact, Bitcoin is the top leading cryptocurrency which is emerging as legal tender in prominent countries despite the strict regulations.
However, witnessing the current market situation and crunch, El Salvador – the world’s first country to announce Bitcoin as a legal tender, reveals shocking news in the space. Further, the President of El Salvador, Nayib Bukele announces that, right from tomorrow, the government will purchase one Bitcoin (BTC) each day.
This announcement shook the entire globe for the strongest decision of El Salvador to buy BTC’s in this market crash.
El Salvador to Boost its BTC Holdings
As a matter of fact, cryptocurrencies always offer both uptrend and downtrend in the space. At present the collapse of FTX crypto exchange created a huge impact on the market. More so, BTC overcame the pandemic in 2020 and the crash of TerraUSD in 2022. Unfortunately, Bitcoin is affected by the liquidity crunch of FTX which caused a tremendous loss in the market cap of BTC.
In addition, being a legal tender in El Salvador, the overall loss of Bitcoin during this current crisis is almost $70M. Even though the market is down, the BTC value is dipping, the President is eager to buy the king coin each day from tomorrow.
This courageous act of the President helps El Salvador to grow its Bitcoin holdings. Thus, by chance it can also pump the price of the BTC soon. According to CoinMarketCap, Bitcoin is trading at $16,595.09 with a downfall of 1.19% in the last 24 hours.