By Richard Hines
Nayib Armando Bukele Ortez, president of Salvador and businessman has announced earlier today, 17th of November, 2022, his intention to buy one Bitcoin per day starting tomorrow.
Despite Uncertainty, El Salvador Will Purchase One Bitcoin Per Day
Via his Twitter page, El Salvador’s Nayib Bukele has announced the intention of him and the people of that country to buy one bitcoin per day henceforth.
Nayib Bukele, who is the 43rd president of El Salvador, has remained one of the biggest proponents and supporters of Bitcoin.
Earlier this year, in September, he announced that his government had bought its first Bitcoins, totaling about 400 in number. The next day, the Bitcoin Law became propounded making the cryptocurrency legally recognised as a legal tender and means of exchanging goods and services in the country.
El Salvador was the first country to achieve this feat, and since then the country has gone on to acquire bitcoins totaling about $375 million in worth.
President Nayib Bukele has remained loyal to Bitcoin and, despite numerous admonitions from the World Bank and International Monetary Fund (IMF) to disembark, has refused to yield.
Given the quite drastic price decline of Bitcoin and, generally, the financial uncertainty and instability, his announcement has since evoked a number of criticisms.
Naturally, it appears that a fraction of spectators consider his announcement to be the wrong thing to do. They believe that given the situation of the Bitcoin market, going ahead to make a decision such as his is not only a foolhardy thing to do, but it is just like seeing an endless body of water and plunging right into it.
The second fraction, however, has commended his actions and sees him as someone who knows a good investment when he sees one.
Nayib Bukele Commences Plans For Building a Sole Bitcoin Economy Base
President Nayib Bukele has long been working on his plan of building a sole Bitcoin economy. In addition to this, he has also since made known his intention of building a Bitcoin city.
Despite the situation of things clearly show that his plans have not really been paying off and the scares from economists predicting that the El Salvador country may default on its debt and might have to rely on external help, President Nayyib has remained unrelenting in his path.
It has been widely said that the country may have made about $60 million in losses, but apparently, it appears that President Nayib Bukele believes in the supremacy of Bitcoin and will continue to bet on it, come what may.