El Salvador will buy one bitcoin daily

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El Salvador President Nayib Bukele has announced that the country's government will resume buying bitcoins.From November 18, El Salvador will buy one bitcoin every day.

Nayib Bukele tweeted about this, but he did not specify how long the bitcoin acquisition program will last.This statement speaks to the president's confidence in the first cryptocurrency, despite the current market decline and its high volatility.

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

Bitcoin was recognized as legal tender in El Salvador on September 7, 2021, and at that timeOn the same day, the government of El Salvador made a purchase of 400 BTC.Now it has 2,381 BTC at its disposal. 

Nayib Bukele is considered one of the mostloyal Bitcoin supporters. He is convinced that the flagship cryptocurrency can improve the country's economy, despite repeated warnings from the International Monetary Fund (IMF) and the World Bank. 

Salvadoran economist Luis Membraño also does not support the president's aspirations:

“Bukele dreams of creating an innovative economy against the recommendations of the IMF, but this dream has failed. There are no simple alternatives or shortcuts,” the economist said.

Despite the looming recession and growthinflation in the country, Bukele does not agree that investing in Bitcoin could destroy the economy. In October, he published an article in which he shared the positive results of government experiments with Bitcoin.