President of El Salvador, Nayib Bukele, has announced the nation will begin purchasing BTC on a daily basis, starting November 17th. This will be the first BTC purchase from the country since its last BTC trade in July 2022 where it purchased 80 BTC at $19,000 per coin.
El Salvador became the first country to legally recognize Bitcoin as a legal currency in September 2021. 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.
The president has dismissed rumors that it held its BTC on the now-bankrupt FTX exchange. This was confirmed by Binance CEO Changpeng Zhao who posted on Twitter that he had spoken to the president and that El Salvador has no business with FTX.
Bukele received support for his new strategy from Tron founder Justin Sun who said that TRON DAO would also follow in El Salvador’s footsteps and buy 1 BTC every day starting Friday.
