This morning on Twitter, the president of El Salvador said that his country would begin buying one bitcoin per day starting Friday.
El Salvador, which is now experiencing huge losses on its bitcoin investments, now plans to buy one bitcoin a day.
We are buying a bitcoin every day starting tomorrow,” tweeted Nayib Bukele, the president of El Salvador.
The Salvadoran head of state made Bitcoin a legal tender in the fall of 2021 as the price of the queen of cryptos reached record highs.
Since then, the country has multiplied initiatives in this area and carry out purchases of bitcoins on a regular basis. It reportedly holds 2,381 BTC acquired at an average price of $43,357, according to data provided by buybitcoinworldwide, and has lost over $60 million on its investments.
Despite Bukele’s efforts, which were betting on a $100,000 BTC in 2022, use of the digital coin in El Salvador now appears to be “low,” CNBC reported last month.
In September, the leader, dubbed the “enfant terrible” by El Salvador‘s political class, announced his intention to run for re-election in 2024. At the same time, Fitch Ratings downgraded the small Central American nation again.