El Salvador's leader Naib Bukele has promised that his country will invest in bitcoin. The plan is to purchase 1 BTC every day until bitcoin is "no longer available in traditional currencies."
The digital currency was announced in November 2022. Mr. Bukele announced his strategy to attract bitcoins using the dollar cost averaging (DCA) method.
The 1 #Bitcoin a day program just deposited today's #Bitcoin
Receipts: https://t.co/RohuJdqSxFhttps://t.co/Uu09goPjAD — Nayib Bukele (@nayibbukele) March 16, 2024
Despite disapproval from various global financial institutions, El Salvador has stayed true to its bitcoin investments. This choice proved to be a very successful one, and by December 2023, the country had realized a profit of $3.6 million dollars.
By March 2024, bitcoin reached an all-time high of US$73,650. Thus, El Salvador received more than US$65 million in unrealized gains.
In addition, Naib Bukele revealed details about the state's cryptocurrency reserves. He revealed the address where 5689 BTC are securely stored.
Earlier, the president of El Salvador noted that the country obtains #bitcoins through citizenship registration, commercial currency exchange, #mining, public sector transactions, and buying bitcoins. In addition, the government has authorized the issuance of bitcoin-linked securities.
