Cryptocurrency Q&A
Will El Salvador buy a bitcoin a day?
Will El Salvador buy a bitcoin a day?
Bianca
Sat Jun 15 2024
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7 answers
1255
Could you elaborate on the idea of "Will El Salvador buy a bitcoin a day?" I'm interested in understanding the rationale behind such a strategy. Is it a long-term investment plan? Or is it more of a daily hedging mechanism? Also, how would El Salvador afford to purchase a bitcoin daily, considering its fluctuating price? Is there a specific budget allocated for this purpose? And finally, how does this fit into El Salvador's overall financial and economic goals? I'd appreciate it if you could clarify these points.
7 answers
SamuraiWarrior
Mon Jun 17 2024
As for the legality of bitcoin in El Salvador, the country has indeed made it legal tender. This means that bitcoin can be used for transactions and payments within the country, alongside the traditional fiat currency.
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henry_miller_astronomer
Mon Jun 17 2024
The value of these bitcoins, at current market prices, stands at approximately $131.3 million, a significant sum for any country's treasury.
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MysticChaser
Mon Jun 17 2024
The recent surge in bitcoin prices, up by 75% since October, has been a boon for El Salvador's holdings. This appreciation is likely due to various factors, including positive news and market sentiment.
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Riccardo
Mon Jun 17 2024
In November 2022, President Bukele announced El Salvador's intention to purchase one bitcoin daily for an indefinite period. This decision signalled a bold move towards embracing cryptocurrency as a national asset.
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ShintoSpirit
Mon Jun 17 2024
One such factor is the impending approval of a spot bitcoin ETF in the United States. This development has the potential to increase the institutional adoption of bitcoin and further bolster its price.
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