El Salvador President Nayib Bukele yesterday announced the country would begin purchasing one bitcoin every day, starting today.
Nayib Bukele, President of El Salvador, announced late last night that the country would be purchasing one bitcoin every day starting today.
The move to dollar-cost-average (DCA) into bitcoin is common in the community, however novel for a nation state.
Currently, the country holds a bitcoin treasury of 2,381 BTC, valued at over $39 million. Bukele has made a habit in the past of making large BTC purchases during times of market volatility and buying the dip.
Outside of just purchasing BTC and holding it on balance for El Salvador, the Bukele administration has fostered the birth of events gathering world leaders from countries all over the world the learn about the financial freedom bitcoin adoption offers.
In September, it was announced that over 30 countries with over 110 speakers, including Senator Indira Kempis from Mexico, would gather to discuss financial inclusion. During this visit, attendees were introduced to the financial applications of bitcoin and were able to see bitcoin in action at Bitcoin Beach.
Then, in October, the State Treasurer from North Carolina in the U.S. traveled to El Salvador – on his own dime – to learn about the changes bitcoin has already made for the El Salvadoran economy.
“What we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina,” said Dennis Fassuliotis, president of the South Carolina Emerging Technologies Association, at the time.
As Bitcoin continues to foster throughout the El Salvadoran economy through new initiatives such as Bitcoin diplomas, Bukele and his administration clearly plan to double down on the country’s investment into a bitcoin-focused economy. It remains unclear how long the purchasing of 1 BTC per day will continue.