El Salvador’s President Nayib Bukele dropped a bombshell on Twitter yesterday, November 17, 2022, announcing the country will start snapping up one Bitcoin a day beginning Friday the 18th. It’s his latest play to weather the brutal crypto winter that’s slashed the nation’s Bitcoin stash—and he’s betting it’ll turn things around.
El Salvador made waves back in September 2021 as the first country to crown Bitcoin legal tender, kicking off a buying spree that’s stacked up 2,381 BTC. At its peak, that haul was worth $103 million. But the bear market’s been a buzzkill—those coins are now valued at just $39.4 million, a steep drop that’s had critics howling. Bukele’s not flinching, though. This daily Bitcoin grab, his first big buy since July, is his fix for the losses racking up since the market tanked in Q2.
Back when El Salvador jumped in, Bitcoin was riding a bull wave, hitting new highs practically weekly. Every purchase looked like a slam dunk. Fast forward to now, and the vibe’s flipped—those hefty buys at $43,357 a pop mean the government’s $103 million investment’s taken a $63 million haircut. Bukele’s plan? Scoop up BTC at these rock-bottom prices—around $16,500 as of today—and ride it out until the next boom. It’s a long game, but he’s banking on it averaging out the pain.
