Bitcoin Price To See Relief? El Salvador's Bukele Promises To Buy 1 BTC Every Day

Nayib Bukele, the president of El Salvador, on Twitter announced buying one Bitcoin BTC/USD each day starting Nov.18. This comes at a time when FTX FTT/USD collapsed fanning fears about the future of the cryptocurrency industry.

What Happened: Bukele is a staunch supporter of Bitcoin. The Central American nation of 6.5 million residents became the first country in the world to accept Bitcoin as a legal tender last year.

See Also: HOW TO BUY BITCOIN (BTC)

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

Bukele has been repeatedly buying BTCs despite the bearish market. According to the Nayib Bukele Portfolio tracker, El Salvador currently owns 2,381 Bitcoins.

The last purchase was on Jul. 1 when Bukele added 80 BTC to the country’s portfolio. 

El Salvador’s central bank has purchased nearly $394 million worth of Bitcoin. Bukele also proclaimed he would build a Bitcoin City, which would serve as an international hub for Bitcoin investors. 

Price Action: BTC is trading at $16,587, down 1.73% in the last 24 hours, according to Benzinga Pro.

Read Next: After FTX Crash, Stablecoin Exodus? Tether, USDC See Heavy Exchange Outflows — But This One Remains Unscathed

Photo by Gobierno Danilo Medina on Flickr