It’s been just revealed that the president of El Salvador made an unexpected decision regarding Bitcoin. Check out the latest reports below.
El Salvador president makes important announcement about Bitcoin
El Salvador President Nayib Bukele is still buying Bitcoin (BTC) despite the crypto winter that’s seen the king crypto drop in price by over 75% from all-time highs.
On Twitter, Bukele recently made the announcement that his country will begin purchasing one BTC every day.
“We are buying one Bitcoin every day starting tomorrow.”
Following the announcement, Tron founder Justin Sun also said that he would buy Bitcoin daily.
We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow!
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 17, 2022
Just to refresh your memory, El Salvador made Bitcoin a legal tender last year and has since been purchasing the king coin for its treasury.
It’s also worth noting the fact that back in March, Bukele slammed the US government after lawmakers filed a bill that aims to examine the risks of the Central American nation’s adoption of Bitcoin.
“Never in my wildest dreams would I have thought that the US Government would be afraid of what we are doing here.”
The President is also working on a new crypto law to support the entire ecosystem.
Bitcoin’s state at the end of 2022
Bitcoin seems to be looking bearish at the moment after consolidating around $20,000 for months only to break down following FTX’s meltdown.
Pseudonymous analyst Cred said that in the aftermath of FTX’s collapse, only two price levels matter for Bitcoin.
On the other hand, the crypto strategist said that BTC bulls can still regain control of the market.
“If the breakdown fails and [BTC] ends up reclaiming the level [$19,300] where the breakdown took place, that would suggest that the market wasn’t willing to accept those lower prices.” Stay tuned for more crypto news.