• Home
  • About
  • Contact
  • Privacy
  • DCMA
  • Terms
  • Sitemap
  • Submit
Friday, May 9, 2025
Chicago Digital Post
  • News
    • Politics
    • Sports
  • Business
    • Marketing
    • Crypto
    • Real Estate
  • Education
  • Technology
  • Health
    • Fitness
    • Food
    • Travel
  • Lifestyle
    • Relationship
    • Movies
    • Music
  • Vehicles
No Result
View All Result
Chicago Digital Post
  • News
    • Politics
    • Sports
  • Business
    • Marketing
    • Crypto
    • Real Estate
  • Education
  • Technology
  • Health
    • Fitness
    • Food
    • Travel
  • Lifestyle
    • Relationship
    • Movies
    • Music
  • Vehicles
Chicago Digital Post
No Result
View All Result
Home Crypto

Nayib Bukele announces Bitcoin prescription for El Salvador: 1 BTC a day

by Staff Writer
November 17, 2022
in Crypto
Reading Time: 3 mins read
0
Nayib Bukele announces Bitcoin prescription for El Salvador: 1 BTC a day
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Table of Contents

Toggle
  • You might also like
  • Why Is The NFT Marketplace Solution Efficient For Future Growth?
  • Numerous owners of Imaginary One NFTs purchase Toon Finance!
  • Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH ⋆ ZyCrypto

You might also like

Why Is The NFT Marketplace Solution Efficient For Future Growth?

Numerous owners of Imaginary One NFTs purchase Toon Finance!

Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH ⋆ ZyCrypto

As the world’s first nation to adopt Bitcoin (BTC) as a legal tender in September 2021, El Salvador is going back to its BTC buying days after a pause for months amid bearish market conditions.

El Salvador President Nayib Bukele announced on Nov.16 that the Central American nation will start purchasing BTC on a daily basis starting from Nov.17. The announcement comes nearly three months after the nation made its last BTC purchase in July 2022.

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

El Salvador started buying BTC in September 2021, right after making it a legal tender. At the time, BTC was in the mid of a bull market and every purchase made by the nation looked lucrative as the price was hitting a new all-time high every other week. However, with the advent of the bear market by the second quarter of 2022, El Salvador’s early BTC purchases started to look like a gamble that incurred heavy losses.

According to public records, El Salvador currently holds 2,381 BTC at an average buying price of $43,357. Thus, the country has spent nearly $103.23 million on its BTC purchase and the value of the same BTC currently sits at $39.4 million.

El Salvador’s total BTC purchase history

The announcement of a new BTC purchase routine at a time when the top cryptocurrency is trading at a new cycle low could help El Salvador offset some of its losses in the coming months.

Looking beyond the losses incurred by the small nation on their BTC purchases, the top cryptocurrency has been instrumental in helping reduce the cross-border remittance cost significantly and has also given a boost to the tourism sector.

Related: El Salvador’s Bitcoin decision: Tracking adoption a year later

Cointelegraph reporter Joe Hall is currently on the ground in El Salvador and only surviving on BTC. Some early updates from Hall suggest that BTC is accepted at the majority of tourist spots, but mobile applications and services need more refinement.

Lunch yday afternoon at El Navegante

HUGE sign: #Bitcoin accepted here ⚡️

Waiter is wearing a @Strike t-shirt, chef is wearing a Strike hat (srsly).

Tried to pay the bill. Waiter spends 15 mins looking for PoS.

He gets his neighbour to fire up Chivo so I can pay ‍♂️ pic.twitter.com/9HaHG8qclQ

— Joe Nakamoto (@JoeNakamoto) November 14, 2022

El Salvador’s BTC adoption might not look very promising at the moment due to the intense crypto winter. However, looking at the Bitcoin price cycle history, the nation can easily offset its losses in the next bull cycle by simply holding onto its BTC purchase.



Source by cointelegraph.com

Share30Tweet19

Recommended For You

Why Is The NFT Marketplace Solution Efficient For Future Growth
Crypto

Why Is The NFT Marketplace Solution Efficient For Future Growth?

The sales of NFT have skyrocketed in recent months. According to nonfungible.com, $356 million in USD was exchanged across seven of the top NFT marketplaces during the first...

by S. Publisher
December 6, 2022
Private wireless is the key to K-20 digital transformation
Crypto

Numerous owners of Imaginary One NFTs purchase Toon Finance!

If you’ve been searching for different NFTs, you might have learned of the Imaginary One NFTs. Because of their recently released 3D NFTs, they have been discussed. Among...

by Staff Writer
November 17, 2022
Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH
Crypto

Ethereum’s Next Big Upgrade Slated For 2023 — Here’s why It’s Super Bullish For ETH ⋆ ZyCrypto

Advertisement &nbsp &nbsp The coming year is already looking bullish for Ethereum and its native token, Ether, as the next upgrade, “Shanghai,” is set to kick...

by Staff Writer
November 16, 2022
Nexo says ‘real time audit’ error caused by technical malfunction, will be fixed soon
Crypto

Nexo says ‘real time audit’ error caused by technical malfunction, will be fixed soon

Nexo responded to rumors of insolvency that sprang up on Nov. 16 after its website stopped displaying the real-time audit of its assets versus liabilities and said the...

by Staff Writer
November 16, 2022
Binance Shares Six Principles for Centralized Exchanges
Crypto

Binance Shares Six Principles for Centralized Exchanges

Industry leader Binance has shared its principles on how the fiasco can be avoided in the future. On Nov. 15, Binance CEO Changpeng ‘CZ’ Zhao tweeted the most...

by Staff Writer
November 16, 2022
Crypto Community Demands Investigation Into Gensler-FTX Ties
Crypto

Crypto Community Demands Investigation Into Gensler-FTX Ties

Key Takeaways Individuals have sent over 9,000 messages urging an investigation of SEC Chair Gary Gensler's ties to FTX. Gensler met with FTX earlier this year, but the...

by Staff Writer
November 16, 2022

Related News

No active NBA athletes condemning Kyrie Irving, antisemitism

No active NBA athletes condemning Kyrie Irving, antisemitism

November 5, 2022
Georgia, Alabama, Ohio State, Michigan

Georgia, Alabama, Ohio State, Michigan

October 14, 2022
Car Accident Settlement Worth

How Much is an Average Car Accident Settlement Worth?

November 10, 2022

Browse by Category

  • Articles
  • Business
  • Crypto
  • Education
  • Fitness
  • Food
  • Health
  • Lifestyle
  • Movies
  • Music
  • Politics
  • Real Estate
  • Sports
  • Technology
  • Travel
  • Vehicles
Chicago Digital Post

Chicago Digital Post! is a Digital web magazine covering topics related to tech and the latest news about Chicago, Illinois, sports, movies, pop culture, fashion, beauty, fitness, and politics at your fingertips. Read More...

CATEGORIES

  • Articles
  • Business
  • Crypto
  • Education
  • Fitness
  • Food
  • Health
  • Lifestyle
  • Movies
  • Music
  • Politics
  • Real Estate
  • Sports
  • Technology
  • Travel
  • Vehicles

Submit A News | Write For Us

Feel free to contact us for submission queries. via contact form or email us at: [email protected]

© 2021 chicagodigitalpost.com

  • Home
  • About
  • Contact
  • Privacy
  • DCMA
  • Terms
  • Sitemap
  • Submit
No Result
View All Result
  • News
    • Politics
    • Sports
  • Business
    • Marketing
    • Crypto
    • Real Estate
  • Education
  • Technology
  • Health
    • Fitness
    • Food
    • Travel
  • Lifestyle
    • Relationship
    • Movies
    • Music
  • Vehicles