Nayib Bukele, the President of El Salvador, disclosed on Thursday that the North American country, will be embarking on a daily BTC buying spree, starting from November 18 till further notice. He wrote on November 17, “We are buying one Bitcoin every day starting tomorrow.” 

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

El Salvador’s Bitcoin Holding

The government of El Salvador began purchasing and holding BTC in September 2021, right after the nation adopted the digital currency as a legal tender. Particularly, the nation’s first-ever BTC purchase was done on September 6, 2021. Then, 400 BTC worth over $18.72 million were scooped from the market by El Salvador. At the time,  Bitcoin was trading for $46,811 per coin.

In September 2021, data shows that El Salvador accumulated a total of 700 Bitcoin (BTC) in three purchases. While 150 BTC were bought for $46,091 each, another batch of 150 BTC was purchased for $42,843 per coin. 

Moving to October 2021, El Salvador amassed 420 BTC only at the cost of $60,622 per Bitcoin. On November 26, 2021, it added 100 BTC to its balance sheet, buying at $54,815. In December 2021, the country bought a total of 171 Bitcoin. While 150 BTC were purchased at the cost of $48,670 each, the remaining 21 BTC were accumulated at the price of $49,220 per Bitcoin. 

In 2022, El Salvador continued its acquisition of Bitcoin (BTC), grabbing 410 BTC only in January at the cost of $36,585 per Bitcoin. The largest BTC obtainment by El Salvador was recorded on May 9, 2022, when the country added 500 BTC in one purchase to its crypto holding. At the time, Bitcoin traded for $30,774 per coin. The country’s second-lowest BTC purchase (80 Bitcoin) occurred in June 2022, when the leading crypto fell to $19,000. 

Read Also: Elon Musk Confident About Bitcoin’s (BTC) Future But Predicts a Long Bear Market

El Salvador in Losses Over Bitcoin (BTC) Purchase

Concerns have been raised over El Salvador’s Bitcoin purchases as the country is recording losses instead of profits. At the time of writing, the country holds a total of 2,381 BTC. At an average price of $43,357 per BTC, El Salvador has invested a total of $103,233,017 in Bitcoin. 

Meanwhile, BTC is trading for $16,700, at the time of writing. This entails that El Salvador’s Bitcoin investment is currently worth $39,792,700, showing a loss of $63,440,317.

On the other hand, El Salvador’s involvement with cryptocurrency has greatly boosted its tourism sector. It is said that loads of revenue have been generated by the North American country from tourism ever since the adoption of Bitcoin.

Read Also: Cardano Creator: El Salvador’s Bitcoin Adoption Is a Win for Crypto Industry At Large

President Nayib Bukele‘s plan to add 1 Bitcoin per day, starting from November 18, seems to not sound promising to some. However, Justin Sun, the founder of the Tron ecosystem (TRX) and creator of stablecoin USDD lauded Bukele’s plan, adding that he will join in the daily accumulation of BTC, beginning tomorrow.

He wrote, “We echo Nayib Bukele’s initiative in buying Bitcoin daily.  We will also buy one Bitcoin every day starting tomorrow!”

We echo @nayibbukele’s initiative in buying #Bitcoin  daily. We will also buy one #Bitcoin  everyday starting tomorrow!

— H.E. Justin Sun (@justinsuntron) November 17, 2022

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This comment came in response to El Salvador’s Finance Minister, who said the recent Bitcoin price dip has had little or no impact on the country’s budget.

Read Also: PwC Study: Majority of Crypto Hedge Fund Managers Remain Bullish On Bitcoin Despite Current Market Downturn

The finance minister precisely said “$40 million decrease in bitcoin investment doesn’t even represent 0.5% of their national budget.”

In response to the comment, Nayib Bukele tweeted, “You’re telling me we should buy more #BTC?”

You’re telling me we should buy more #BTC? https://t.co/jwvn0A1kTb

— Nayib Bukele (@nayibbukele) June 14, 2022

El Salvador’s Bitcoin Investment

Since Bitcoin was announced as legal tender a year ago, El Salvador has accrued an estimated 2,301 BTC.

The president of the country, Nayib Bukele, has made it a habit to “buy the dip” in recent months, often taking to Twitter to announce intentions to purchase Bitcoin at lower prices.

Before his recent response to his minister’s statement, the worth of the country’s bitcoin reserves was changing hands at around $71 million. However, it has since dipped to about $52 million due to the current market condition.

Read Also: CEO of $80 Billion Asset Manager Says Bitcoin (BTC) Will Reach $250k but Could Take Decades

The massive dip comes as El Salvador continues to delay the issue of its highly anticipated “volcano bonds,” which were originally scheduled to launch in March 2022. The country chose to postpone the planned $1 billion offering, which is supposed to fund El Salvador’s “Bitcoin City,” following turbulence in the markets, Finance Minister Alejandro Zelaya said.

The bonds are basically seen as one of El Salvador’s last hopes of meeting its financing needs. The International Monetary Fund (IMF) has expressed concern about the sustainability of El Salvador’s bitcoin experiment and is unlikely to approve loan payments.

The World Bank also refused to help the country with its Bitcoin adoption plans when they were first announced in June 2021.

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Not Faced By Sentiments

Milena Mayorga, El Salvador’s ambassador to the United States told Coindesk that the country is not afraid to burn bridges with former allies and is marching on with its adoption of Bitcoin. The ambassador spoke at length on recent developments that have transpired since the country crossed the Rubicon.

“The concern in Washington DC is about losing the power of the dollar and we can understand that,” said Mayorga. “But Salvador has to move on and be on a different level.”

The ambassador noted that Bitcoin offers the country an alternative funding option away from the traditional methods provided by aid organizations like the IMF. “They are afraid and concerned because if we succeed, a lot of countries are looking to follow our lead,” she said.

She noted that in the last 30 years, the country has suffered from corrupt leadership that “didn’t do intelligently” stemming from a blatant lack of transparency, and believes that Bitcoin will help President Bukele’s administration give Salvadorans myriad opportunities and a stable economy.

Before the implementation of the Bitcoin Law, the IMF had voiced its concerns against the country’s adoption on grounds that the asset’s volatility could be inimical to the economy. In a recent concluding statement, the Fund noted that there were concerns with the levels of investor protection in the Chivo wallet but commented that the economy has rebounded after the pandemic.

El Salvador’s Achievements since Adopting Bitcoin as Legal Tender

Mayorga took the opportunity of the interview to mention the strides that the country has made since adopting Bitcoin as legal tender. She said that financial inclusivity has been almost achieved with over 80% of citizens using the Chivo wallet. Within 2 months, Chivo has become the leading platform for remittances in the country and has processed over $32,000,000 from the US alone at zero cost.

The ambassador highlighted the growth of the tourism sector and the ease that Bitcoin affords citizens to pay for goods and services. Recall that the government gave $30 worth of BTC to each citizen to incentivize the adoption of the Chivo wallet and also gave fuel subsidies of $0.20 per gallon in October to users of the wallet.

El Salvador has gone on a buying spree and added 100 BTC to its balance sheet in a strategy of buying the dip. President Bukele has since announced that the gains from Bitcoin will be deployed in the construction of schools and a world-class veterinary clinic.

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In a video shared on 8th September, titled “Congratulations Bitcoin”, Hoskinson stated that the adoption of the flagship cryptocurrency is a win for the crypto industry at large.

Read Also: Charles Hoskinson: September 12th Is a Big Day for Cardano, There Is a Massive FUD Storm Underway

Charles Hoskinson noted:

“We, as the industry, won. Now we are just sorting out the details of what it means… The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money.”

Congratulations Bitcoin https://t.co/P9NHO01mMi

— Charles Hoskinson (@IOHK_Charles) September 7, 2021

In his words, the CEO of Input Output Global (IOG) acknowledged that digital assets such as Bitcoin (BTC) are the money for the future. He added that this is a major change for the whole crypto ecosystem regardless of where you stand.

Read Also: Charles Hoskinson Showcases Vast Growth of Cardano Ecosystem in just Four Months

He said this is a “sheer moment for our entire industry regardless of whether you live in or outside the BTC sphere.”

Other Nations Will Follow El Salvador’s Footsteps

In addition to the cheers above, the creator of Cardano (ADA) predicted that other nations will eventually join El Salvador in Bitcoin and cryptocurrencies adoption.

Charles Hoskinson noted:

“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements. Or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.”

Read Also: Know This, Charles Hoskinson Did Not Say Cardano (ADA) Will Hit $150 by the End of the Year

Hoskinson also described the latest development as a means for the people across the globe to have control over the movement of their hard-earned money.

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According to the report by El Faro, a Latin American digital newspaper, the government of El Salvador is determined to launch a stable cryptocurrency that consumers will be able to use for services.

Read Also: Cardano’s Charles Hoskinson Introduces Djed, an Algorithmic Stablecoin Protocol for DeFi Sector

As the report says, Ibrajim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, told prospective investors that the digital currency currently known as Colon-Dollar would be launched by the end of 2021. The report also included a video of the brothers discussing the proposal with these investors.

Based on a document obtained by El Faro, the brothers are doing everything on behalf of the president of the Central American country.

It can be recalled that the government of the country passed a Bitcoin bill into law a few months ago, which will treat the leading cryptocurrency as a legal tender and require its acceptance by all businesses as a legal means of payment for goods and services by September.

Read Also: Cardano Advances to Alonzo White, Brings the Network Closer To Smart Contracts Era

Colon Dollar Could Be Issued On Cardano or Algorand

Another thing that is worth noting regarding the launch of El Salvador’s stablecoin is the blockchain where it’s intended to be issued.

The report went further to state that the president brothers have met with the representatives of Cardano, WhizGrid, and Algorand on different occasions.

The report reads in part as follows:

“We don’t actually have a regional office for Central America or South America. So if we were to do a project of this scale, why shouldn’t El Salvador be the Cardano main hub for the entire region? It makes perfect sense.”

Read Also: Cardano Foundation Partners With Rwanda-Based NGO to Launch ADA Charity Platform

According to the preliminary timeline, by August, the Salvadoran government hopes to have a strategic and legal analysis on adjusting national laws to blockchain technology.

By 7th September, they hope to have developed Collon-Dollar, coupled with the digital wallet and point-of-sale infrastructure, which will be compatible with Android and iOS. About a week later, they hope to have a macroeconomic analysis and legal strategy for digitizing public records and issuing subsidies. And by the end of the year, they hope to see the cryptocurrency in circulation.

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