{"id":27720,"date":"2022-11-17T16:03:43","date_gmt":"2022-11-17T10:33:43","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=27720"},"modified":"2022-11-17T16:03:43","modified_gmt":"2022-11-17T10:33:43","slug":"el-salvador-to-resume-bitcoin-purchase-1-btc-per-day","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/news\/el-salvador-to-resume-bitcoin-purchase-1-btc-per-day\/","title":{"rendered":"El Salvador to resume Bitcoin purchase @1 BTC per day"},"content":{"rendered":"<p>Nayib Bukele\u2014President of El Salvador\u2014has taken to Twitter to announce the country\u2019s plans to resume purchasing Bitcoin. The tweet mentions that El Salvador will buy 1 BTC everyday from 18 November 2022 onwards. However, it is not clear how long the buying program will continue.<\/p>\n<p>Here is the tweet that added some zing to an otherwise morbid Thursday morning:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are buying one <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a> every day starting tomorrow.<\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1593113857261965312?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 17, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>El Salvador has made news due to its pro-crypto or rather a pro-Bitcoin approach. For perspective, the Central American country\u2019s Bitcoin Law came into effect on 7 September 2021. As part of this law, Bitcoin was made legal tender, making it the first country to do so. The country even topped off this move with several financial incentives to regularize and popularize BTC\u2019s usage.<\/p>\n<h2>How much BTC is El Salvador sitting on?<\/h2>\n<p>Currently, El Salvador has BTC worth $375 million in its reserves, going by the current price. However, with BTC feeling the tremors of the FTX contagion, the country is currently sitting on some realized losses\u2014$60 million, give or take.<\/p>\n<p>However, Nayib Bukele making a buy announcement on Twitter isn\u2019t new. He is known for his dip-buying strategy when it comes to Bitcoin. Here is a tweet from May 2022 that explains it:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">El Salvador just bought the dip! \ud83c\uddf8\ud83c\uddfb<\/p>\n<p>500 coins at an average USD price of ~$30,744 \ud83e\udd73<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#Bitcoin<\/a><\/p>\n<p>&mdash; Nayib Bukele (@nayibbukele) <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1523742670044413954?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As you can see, BTC was then trading at over $30,000\u2014nearly double of where it is placed currently.<\/p>\n<p>However, the dip buying hasn\u2019t worked well for Bukele and El Salvador. In June 2021, when Bukele made an official announcement to take the \u201cBitcoin law\u201d live, even the World Bank refused any help to boost El Salvador\u2019s Bitcoin adoption plans. In July 2021, the country received a downgraded CAA1 credit rating from Moody\u2019s\u2014which meant recognizing that El Salvador is at risk when it comes to loan defaults.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nayib Bukele\u2014President of El Salvador\u2014has taken to Twitter to announce the country\u2019s plans to resume purchasing Bitcoin. The tweet mentions that El Salvador will buy 1 BTC everyday from 18 November 2022 onwards. However, it is not clear how long the buying program will continue. Here is the tweet that added some zing to an [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":27721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[7701],"tags":[6467,6536],"class_list":["post-27720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-11-13T20:17:51+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Ananda Banerjee\",\"description\":\"Ananda Banerjee is a creative copywriter at heart, a technical writer by profession, and a multifarious Web 3.0 creator in his leisure time. 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