El Salvador President Nayib Bukele announced that the country would start buying Bitcoin on a daily basis from Nov. 18, and likened the collapse of FTX to a Ponzi scheme.
“We are buying one Bitcoin every day starting tomorrow,” Bukele said in a post on Twitter. Prior to introducing Bitcoin as legal tender last year, El Salvador started putting Bitcoin on its books. The Central American country currently holds about 2,381 Bitcoin. However, at an average purchase price of roughly $43,000, it has accumulated a loss of $54.
Bukele Still Bullish on Bitcoin
While the recent events surrounding the FTX collapse have led many to distance themselves from cryptocurrencies, President Bukele felt differently. He used the incident as an opportunity to strengthen his case for Bitcoin adoption.
