The President of El Salvador, Nayib Bukelerefuses to give up on his economic experiment with the purchase of bitcoins and announced this Wednesday, November 16, that he will acquire one Bitcoin a day, every day, starting Thursday.
“We will buy a #Bitcoin every day starting tomorrow”, tweeted Bukele on Wednesday around 11:30 p.m. local time in El Salvador.
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
The current price of a Bitcoin is approximately $16,540, 1.5% less than the previous day and 73% less than a year ago. Bitcoin was trading at an all-time high of over $68,000 in November 2021 when El Salvador was buying large amounts of the cryptocurrency.
The experiment, however, has not turned out as the Salvadoran boss wanted, since according to the latest calculations of Bloomberg News, the country has lost millions of dollars.
The purchase price of all Bitcoin funds in the country stands at $105 million, according to Bloomberg, while the current value is approximately $39.4 million.
To this must be added the short adoption that the digital currency has had, since very few people in El Salvador use it in commerce.
Approximately $6.4 billion dollars were sent as remittances to El Salvador from September 2021 to June 2022, but less than 2% of them were sent in cryptocurrency, according to Reuters.