The President of El Salvador Nayib Bukele announced that he will buy Bitcoin (BTC) for every day starting tomorrow after a long time aside.
The statement was shared in a tweet on his Twitter account this afternoon.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
Earlier, El Salvador's BTC law that was enforced last year brought huge profits to the country by generating nearly $375 million in BTC.
However, due to the market volatility at this point, it suffered a loss of over $60 million.
Although the IMF and the World Bank warned the president several times to stop doing any BTC betting, he as a staunch supporter of BTC remains convinced that crypto will bring good to the country's finances.
This shows President Bukele's courage for long-term investment even though the country has suffered significant losses when the price of BTC fell drastically due to the Terra and FTX crises.
In addition to holding BTC, he also intends to manifest the economic infrastructure of BTC as well as planning the establishment of Bitcoin City which has not yet materialized.
However, Luis Membraño, a Salvadoran economist is of the view that President Bukele will not be able to realize his dream if he creates a political economy contrary to the advice of the IMF.
In the meantime, rating agency Fitch* has lowered El Salvador's credit rating following the expectation that the country will default on its debt in January 2023.
