El Salvador’s president, Nayib Bukele, declared late last night that the nation would be buying one Bitcoin every day beginning today.
El Salvador currently has 2,381 BTC Bitcoin in its treasury, which is worth more than $39 million. When the market is volatile, Bukele has a history of making significant BTC purchases during price falls.
The Bukele administration has encouraged world leaders from nations all over the world to learn about the financial freedom that Bitcoin adoption provides during uncertain periods.
It was reported in September that 110 speakers from over 30 countries, including Senator Indira Kempis of Mexico, will attend a non profit Bitcoin conference to discuss financial inclusion. The event will take place from November 15th-17th and El Salvadoran citizens will have the chance to attend for $21. During this conference, attendees will have the opportunity to learn about Bitcoin’s possible role for their nations and have the chance to experience Bitcoin Beach.
A week after the announcement of the conference, the State Treasurer from North Carolina paid for his own trip to El Salvador in order to study the effects that Bitcoin has brought to the country’s economy. Dennis Fassuliotis, president of the South Carolina Emerging Technologies Association, at the time explained that “what we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina.”
Bukele and his administration intend to increase the country’s investment into a Bitcoin-focused economy through their new dollar-cost averaging (DCA) strategy and other programs like Bitcoin diplomas. There is no further information on how many more Bitcoin will be purchased by the country.