Crypto enthusiast Nayib Bukele, who is the president of El Salvador, announced that the Central American country will buy one Bitcoin every day. This comes three and a half months after El Salvador made its last Bitcoin purchase in July. It acquired 80 BTC at the price of $19,000 for a coin.
El Salvador, which became the first country in the world to declare Bitcoin as a legal tender in 2021, holds 2,381 BTC at an average buying price of $43,357. But this sum is based on when Bukele publicized Bitcoin investments. It cannot be verified as a public or on-chain record identifying the purchases has not been revealed. El Salvador is said to have spent around $103.23 million on Bitcoin purchases to date.
However, the top cryptocurrency is trading at around $16,500 so the actual value of El Salvador’s Bitcoin treasure is $39.47 million. This means the Central American country sustained losses of more than $63 million. But this hasn’t dampened the love for digital gold. Justin Sun, Tron founder, also said Tron will buy one Bitcoin every day starting tomorrow.