El Salvador will buy one bitcoin daily

The President of El Salvador Nayib Bukele announced that the government of the country will resume the purchase of bitcoins. From November 18, El Salvador will buy one bitcoin every day.

Naib Bukele tweeted about it, but did not specify how long bitcoin purchase program. This statement speaks to the president's confidence in the first cryptocurrency, despite the current market downturn and its high volatility.

We buy #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbule) November 17, 2022

Bitcoin was recognized as legal tender in El Salvador on September 7, 2021, and on the same day, the Salvadoran government bought 400 BTC. Now he has 2381 BTC at his disposal.

Naib Bukele is considered one of the most dedicated supporters of bitcoin. He is convinced that the flagship cryptocurrency is capable of improving the country's economy, despite repeated warnings from the International Monetary Fund (IMF) and the World Bank.

The Salvadoran economist Luis Membrano does not support the president's ambitions either:

“Bukele dreams of creating an innovative economy contrary to the recommendations of the IMF, but this dream has failed. There are no easy options and shortcuts, the economist believes.

Despite a looming recession and rising inflation in the country, Bukele disagrees that investing in bitcoin could destroy the economy. In October, he published an article in which he spoke about the positive results of government experiments with bitcoin.