The Central American country will start buying one crypto coin per day, according to its president
The cryptocurrency industry’s turmoil, triggered by the FTX exchange collapse, has not dented the enthusiasm of El Salvadoran President Nayib Bukele towards Bitcoin. He announced on Wednesday that the nation will start purchasing the token on a daily basis starting from November 17.
The announcement comes nearly three months after the nation made its last purchase in July 2022. According to public records, cited by Cointelegraph, El Salvador currently holds 2,381 BTC at an average buying price of $43,357. This means the country has spent nearly $103.23 million on Bitcoin purchases, while the value currently sits at $39.4 million, the outlet reports.
To continue reading at original source: https://www.rt.com/business/566691-el-salvador-doubles-down-bitcoin/
24/7 MARKET NEWS, INC Disclaimer
24/7 MARKET NEWS (“24/7 MN”) is dedicated to covering various underreported segments of the stock markets. Our goal is to help you to better understand these markets, but 24/7 MN is neither an investment advisor nor a financial advisor, and no information provided here is to be interpreted as a suggestion to buy or sell stocks or other investment products. All opinions, news, research, analysis, prices or other information contained on 247marketnews.com, its press releases, or other services are provided for educational purposes only and do not constitute investment advice. You are solely responsible for the investment decisions you make.