In the most recent announcement, El Salvador Nayib Bukele said that they would start buying Bitcoin once again. President Nayib Bukele stated in a recent tweet: "We are buying one Bitcoin every day starting tomorrow." He has yet to say how long they want to keep up this purchase program, though.
The collapse of multiple projects and the market crash made investors hesitant to put their money into the crypto-verse. However, a major Bitcoin bull did not lose hope, including El Salvador President Nayib Bukele. El Salvador shocked the entire globe by accommodating BTC as a legal tender when Bitcoin Law came into effect last year on September 7, 2021. Until now, the country has acquired nearly $375 million worth of Bitcoins, however, has been sitting at more than $60 million in unrealized paper losses.
Interestingly, Tron’s Justin Sun quickly followed up, saying his blockchain project will do the same.
Just before press time, the price of one bitcoin was about $16,500. Since the cryptocurrency reached a record high of $69,000 on November 10, 2021, it has decreased by 76%.
Bitcoin survived both Covid-19 and the infamous de-pegging of TerraUSD. The FTX crash, however, wrecked the market and sent the king coin to a two-year low.
Despite this, Bukele persisted in "buying the dip". The president of El Salvador was frequently seen purchasing Bitcoin dips. Bukele's optimism for the king coin has not diminished by the fall of the FTX empire. He even tweeted earlier this week that FTX was nothing like Bitcoin.