President Nayib Bukele of El Salvador has reaffirmed the continuation of the country’s pioneering “1 bitcoin a day program,” marking a persistent commitment to the cryptocurrency initiative since its inception in 2022.
In an update shared on social media platform X on Friday, President Bukele provided insight into the ongoing strategy, stating that El Salvador intends to sustain its daily purchase of one bitcoin until such time that the cryptocurrency becomes unattainable with fiat currencies. This program, which commenced on November 18, 2022, has been a cornerstone of El Salvador’s embrace of bitcoin.
The latest acquisition of bitcoins through this program has been seamlessly integrated into the nation’s existing wallet infrastructure, notably into the same address that previously received a substantial allocation of bitcoins as disclosed by President Bukele.
This announcement comes on the heels of another significant development unveiled on Thursday, wherein President Bukele disclosed El Salvador’s decision to securely transfer a notable portion of its bitcoin holdings to a cold wallet, safeguarding them within a physical vault situated within the country’s borders.
El Salvador’s groundbreaking adoption of bitcoin as legal tender alongside the U.S. dollar in September 2021 made global headlines, defying cautionary advisories from institutions such as the International Monetary Fund (IMF). Since this historic move, El Salvador has pursued diverse avenues to accumulate bitcoins, encompassing both direct purchases and mining operations, while simultaneously fostering revenue-generating bitcoin initiatives.
Venture capitalist Tim Draper has voiced optimism about the transformative potential of bitcoin for El Salvador, suggesting it could propel the nation into the ranks of the world’s wealthiest. President Bukele reiterated last month that El Salvador remains steadfast in its commitment to retaining its bitcoin reserves, underscoring the principle that “1 BTC = 1 BTC” as a cornerstone of their approach.
