President Nayib Bukele’s El Salvador plans to buy one Bitcoin every day until it becomes impossible to afford it. Nayib Bukele started this initiative in November 2022 and to date it has been a successful idea. Since then, the Bitcoin price has risen enormously.
In total, El Salvador now owns 5,690 Bitcoin for a total of $394 million.
1 Bitcoin per day
Despite the enormous criticism, Nayib Bukele and El Salvador do not care about anything. The Bitcoin strategy is being continued stoically and suddenly we can speak of a success again.
El Salvador is about to make a virtual profit of millions and appears to be far from finished.
“The 1 Bitcoin per day program will continue until it becomes unaffordable with fiat money,” Bukele said. In theory, that would of course also be the moment when El Salvador no longer needs it.
After all, it already owns more than 5,000 Bitcoin that are “priceless”. If that scenario comes true, El Salvador could climb considerably on the world economic ladder.
Whales keep buying Bitcoin
Not only El Salvador, but also whales are currently extremely bullish about Bitcoin. On-chain data from Santiment shows that wallets holding 10 to 10,000 Bitcoin were buying aggressively.
About the past five weeks it was 154,160 Bitcoin, worth approximately $10.1 billion. These purchases have of course enormously supported Bitcoin’s price explosions.
Those 154,160 Bitcoin account for 0.665 percent of the total supply of the digital currency. During the same period, MicroStrategy managed to raise $1.4 billion on the capital market.
With that money it of course bought Bitcoin again for its gigantic stock, which now amounts to 205,000. This means it owns almost 1 percent of all 21 million Bitcoin.
Valid for 1 month: Grab your 20 Euro bonus now at Bitvavo
Are you about to discover the crypto world and are you considering buying Bitcoin or another crypto? Then grab your chance now with this exclusive offer! Thanks to a special deal between Newsbit and the Dutch crypto exchange Bitvavo, our readers receive an exclusive offer
Only Available for 30 Days: register with Bitvavo via the button below and receive a welcome gift of 20 euros completely free. And that’s not all – you also don’t pay trading fees on your first 10,000 euros in transactions. Register now!
Source: https://newsbit.nl/el-salvador-blijft-bitcoin-kopen-tot-het-onbetaalbaar-wordt/
