Currencies

Pro-Bitcoin President Nayib Bukele Says El Salvador Will Purchase BTC Daily Until King Crypto Becomes ‘Unaffordable With Fiat Currencies’ By Benzinga



© Reuters. Pro-Bitcoin President Nayib Bukele Says El Salvador Will Purchase BTC Daily Until King Crypto Becomes ‘Unaffordable With Fiat Currencies’

Benzinga – by Rounak Jain, Benzinga Staff Writer.

El Salvador President Nayib Bukele has reaffirmed the nation’s commitment to its daily Bitcoin (CRYPTO: BTC) acquisition program.

What Happened: On Friday, Bukele posted on X, “The 1 #Bitcoin a day program just deposited today’s #Bitcoin. This continues until #Bitcoin becomes unaffordable with fiat currencies.”

The Central American nation has been steadfast in its Bitcoin investment strategy, despite the recent surge in BTC price.

Earlier this month, El Salvador transferred $400 million in Bitcoin to a safer storage option known as a cold wallet, as part of its efforts to secure its cryptocurrency investments.

Bukele described the move as establishing “our first #Bitcoin piggy bank.”

Why It Matters: Despite facing criticism and controversy, Bukele’s decision to double down on Bitcoin appears to be yielding positive results for El Salvador’s economy.

The country’s dollar-denominated sovereign bonds have seen a significant rally, surging more than 200% from 25 cents on the dollar in late July 2023 to 84 cents currently.

This coincides with a substantial rise in Bitcoin’s value, which has nearly tripled from approximately $24,000 to $70,000 in the same period.

El Salvador’s break-even price is reportedly $42,500 per Bitcoin, which is considerably below the cryptocurrency’s current price of $69,598.

Price Action: Bitcoin was trading at $69,075 at the time of writing, down 0.5% in the last 24 hours, according to Benzinga Pro.

Read Next: Why Can’t Dogecoin And Shiba Inu Keep Up With Other Meme Coins?

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo by Gobierno Danilo Medina on Flickr

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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