El Salvador's President Naib Bukele said on Thursday that starting Friday (November 18) will buy one cryptocurrency every day. President Bukele made this announcement at a time when cryptocurrencies around the world are going through a downfall following the collapse of the FTX crypto exchange. Most of the world's cryptocurrencies are going through price pressure and liquidity crises these days.
El Salvador's President Naib Bukele informed in a tweet on Thursday that from tomorrow we will buy one bitcoin every day.
Bitcoin prices have declined by 73 percent so far from last year's high of $60,300 per coin. On the other hand, after this decision of the President of El Salvador, Tron cryptocurrency network, and Ambassador of Grenada Justin Sun have also said that they support the decision of President Bukele and we will also buy one bitcoin every day.
In June last year, El Salvador became the first country in the world to adopt bitcoin as a legal tender against the dollar. The debt-ridden country has reportedly bought 2,381 bitcoins so far at an average price of $43,000. However, the board of the International Monetary Fund (IMF) has asked El Salvador to withdraw its decision to make bitcoin legal tender, calling for tighter regulation of e-wallets in the country.
Last week, cryptocurrencies including Bitcoin, Ethereum, and Polygon saw a massive sell-off, with a fall of up to 16 percent in 24 hours. This pressure on crypto prices is visible due to the financial crisis in a major crypto exchange FTX. The situation worsened after the cancellation of the hedging deal between Binance-FTX.
On November 10, bitcoin crashed by nearly 16 percent amid this latest development. While Ethereum and XRP also registered a decline of 12 percent. Polygon was seen trading down around 7 percent. At the same time, Ether has also declined by about 13 percent.
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