El Salvador will continue to buy a bitcoin every day, Bukele says

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By LatAm Reports Editorial Team

On Thursday, the president announced that the country has put millions of dollars in bitcoin on a “cold wallet” or offline, that at a time when the cryptocurrency records its price.

President Nayib Bukele said Friday that the country will continue with the “program” of buying a bitcoin daily, which will be stored in the“cold buckle”announced the eve.

“The 1 bitcoin program a day just deposited today’s bitcoin (Friday, in the cold wallet),” the president said in English on his X account.

According to Bukele, this purchase “continues” until “bitcoin becomes unaffordable with fiduciary currencies,” which are those backed by national governments (such as the US dollar) and whose value is determined by the governments of the countries.

Bukele announced on November 16, 2022 that El Salvador would buy a bitcoin daily.

On Thursday, the president announced that the country has put millions of dollars in bitcoin on a “cold ticket” or offline, that at a time when the cryptocurrency records its price.

The cold wallet seeks to protect investment in offline cryptocurrencies (without internet connection) to prevent external attacks by hackers.

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According to the data of the cold wallet, until Friday El Salvador has in it 5,690 bitcoin – which already includes the bitcoin bought daily – worth $394.04 million.

On Thursday, when Bukele announced the creation of the cold wallet, those values were $406.6 million that totaled 5,689 bitcoin.

The value of bitcoin reported this Friday is lower as the price of theCryptoactive low to $69,265while on Thursday the cryptocurrency came toquote above $73,000.

On September 7, 2021, on the initiative Bukele, El Salvador became the first country in the world to legally circulate bitcoin on the par with the US dollar that was established in 2001 as a legal tender currency.

88 percent of Salvadorans did not use bitcoin in their transactions during 2023, a survey by the private Central American University (UCA) said in January.

This article has been translated from the original which first appeared in Diario El Mundo