President Of El Salvador Nayib Bukele Says Will Buy 1 Bitcoin Every Day. The President of El Salvador, Nayib Bukele, announced on Twitter on Thursday, November 17, 2022 that his country would buy one bitcoin every day. Since adopting cryptocurrencies as legal tender, El Salvador has purchased around 2,381 bitcoins for its treasury.
Bukele was not deterred by the recent turmoil surrounding the FTX crypto exchange going bankrupt. On Sunday, November 13, 2022, President Salvador explained in a tweet that FTX is the opposite of Bitcoin.
“The Bitcoin protocol was created precisely to prevent Ponzi schemes, bank runs, Enron’s, Worldcom’s, Bernie Madoff’s, Sam Bankman-Fried, and wealth reassignments. Some understand, some don’t. We are still early days,” wrote Bukele, quoted from Bitcoin.com, Friday (18/11/2022).
El Salvador adopted bitcoin as legal tender alongside the US dollar in September last year. Since then the country has purchased around 2,381 bitcoins for its treasury.
President Bukele is a strong supporter of cryptocurrencies. He recently attributed the recovery of the tourism sector in El Salvador to Bitcoin.
However, a poll conducted in October showed nearly two-thirds of El Salvador’s population had a negative impression of bitcoin, with only a quarter of Salvadorans using the cryptocurrency.
The International Monetary Fund (IMF) has also warned El Salvador about making bitcoin legal tender, claiming the costs of making BTC a national currency outweigh the potential benefits. However, the government of El Salvador rejected IMF warnings and continued to embrace bitcoin.
Following Bukele’s announcement of buying Bitcoin every day, Tron founder Justin Sun said he would do the same.
“We echo @nayibbukele’s initiative in buying bitcoins every day. We will also be buying one bitcoin every day starting tomorrow,” the Sun tweeted.
Previously, Tesla, Spacex and Twitter CEO Elon Musk returned to comment on cryptocurrency via Twitter on Monday, November 14, 2022 American time. This time, Musk discussed the future of Bitcoin.
In response to a Twitter user asking about where cryptocurrency prices will be in the next year Musk said Bitcoin will do well, but it will have a long winter.
“BTC will do well, but maybe survive the long winter,” wrote Musk on his personal Twitter account, quoted from Bitcoin.com, Wednesday (16/11/2022).
President Of El Salvador Nayib Bukele Says Will Buy 1 Bitcoin Every Day. Musk’s comments have succeeded in pushing up the price of bitcoin. Immediately after he tweeted, BTC’s price shot up sharply from under USD 16,000 to around USD 16,987 (Rp 264.4 million).
The billionaire, who recently acquired social media giant Twitter, has previously revealed he personally owns bitcoin, as do Tesla and Spacex.
Read Also: Peek At FTT Coin’s Performance After Binance’s FTX Acquisition Information
Tesla’s latest financial filings with the US Securities and Exchange Commission (SEC) show the company holds approximately USD 218 million (Rp 3.3 trillion) in digital assets. In July, the electric car company sold its 75 percent holdings of BTC.
Musk has said on several occasions bitcoin is suitable as a store of value, despite Tesla’s sale of Bitcoin.
“We are certainly open to increasing our bitcoin holdings in the future, so this shouldn’t be construed as a decision on bitcoin,” Musk said at the time.
Previously, following the FTX bankruptcy last week, executives from Binance, Ripple, and other industry players testified before the UK Parliament’s Finance Committee. Some of the committees present included committee chairman Harriet Baldwin, a conservative MP along with other committee members.
Meanwhile, representatives of industry players who attended were Binance’s vice president of European government affairs, Daniel Trinder, head of policy at the Ripple payment network, Susan Friedman. Then, the executive director of the CryptoUK lobby group, Ian Taylor, and the head of Europe at Galaxy Digital, Tim Grant.
Baldwin posed several questions to industry representatives, such as whether the events surrounding FTX undermined confidence in what they do for a living.
“I think it would be very wrong to judge the entire industry by this one bad apple, which just happens to be a very big apple,” said Grant, quoted from CoinDesk, Tuesday (15/11/2022).
CryptoUK’s Taylor called on the UK government to implement broad frameworks such as the European Union Markets in Crypto Assets (MiCA) law, and Ripple’s Friedman echoed this request. Apart from that, Trinder from Taylor and Binance also said crypto companies need to be audited.
Committee members also asked Trinder whether Binance knew its action of dismantling a large part of its holdings in the market of exchange token FTXFTT, and Agreeing to and then backing out of the deal to bailout/acquire FTX could lead to the collapse of the exchange.
Read Also: The Reason Why Southeast Asia Leads Global Crypto Adoption
Trinder denied these intentions and offered to immediately send correspondence documents regarding the committee to justify Binance’s actions were not motivated by the intent to destroy its competitors.
President Of El Salvador Nayib Bukele Says Will Buy 1 Bitcoin Every Day. Previously, Finance Minister Jeremy Hunt, UK still had hopes of making the country a crypto innovation hub and wanted to work with regulators to ensure this goal was not destabilizing. Therefore, this negotiation is expected to find a bright spot about what is happening in the crypto industry.
