![Nayib Bukele, President of El Salvador. (Photo courtesy of Twitter handle) Nayib Bukele, President of El Salvador. (Photo courtesy of Twitter handle)](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=356)
Nayib Bukele, President of El Salvador. (Photo courtesy of Twitter handle)
The price of Bitcoin is currently at $60,300, down about 73% from $60,300 a year ago.
Buy Bitcoin daily in El Salvador: El Salvador's President Nayib Bukele said Thursday that El Salvador will begin purchasing one bitcoin per day starting tomorrow (Friday, November 18). This comes at a time when cryptocurrencies are facing continued price pressure amid a liquidity crisis on cryptocurrency exchange FTX.
El Salvador President Nayib Bukele announced on Twitter on Thursday, “Starting tomorrow, I plan to purchase one Bitcoin every day.”
The current Bitcoin price is $60,300. This is about 73% lower than $60,300 a year ago.
Justin Sun, founder of the Tron cryptocurrency network and Ambassador to Grenada, also spoke on Thursday. “We echo @nayibbukele's initiative to buy #Bitcoin every day. “Starting tomorrow, I will purchase 1 #Bitcoin every day!”
In June of last year, El Salvador became the first country to use Bitcoin as fiat currency along with the US dollar. Since then, the debt-ridden nation has reportedly purchased 2,381 BTC at an average price of $43,000.
However, the International Monetary Fund (IMF) Board of Directors called on El Salvador to back off its move to legalize Bitcoin and impose stricter regulations on electronic wallets.
Last week, cryptocurrencies including Bitcoin, Ethereum and Polygon saw a massive sell-off, with some falling as much as 16% in less than 24 hours. Cryptocurrency prices fell due to the financial crisis of FTX, a major cryptocurrency exchange, and the situation worsened when the Binance-FTX rescue deal collapsed.
On November 10, Bitcoin suffered a fiasco, falling about 16%, while Ethereum and XRP fell 12%. Polygon was trading down about 7%. Ethereum also fell by about 13%.
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