El Salvador buys one bitcoin a day... as it continues to ramp up investment
El Salvador continues to ramp up its commitment to bitcoin (BTC), blockchain news outlet CoinDesk reported today (Nov. 22).
Recently, El Salvador's President Nave Bukele announced a plan to buy one bitcoin every day until the country can no longer afford to use it as a fiat currency. The initiative has increased the country's bitcoin holdings to 56,900 BTC, valued at nearly $400 million. The country has also eliminated income taxes on international investments and remittances. By reducing income taxes from 30% to 0%, El Salvador aims to attract foreign investors and spur economic growth. President Bukele also announced that he will transfer more than 5,000 bitcoins to a cold wallet, which he says will provide a higher level of security and demonstrate his confidence in the future of cryptocurrency.
Despite criticism and warnings from international organizations such as the International Monetary Fund (IMF), El Salvador's commitment to its bitcoin strategy remains steadfast and shows no signs of backing away from the cryptocurrency, the media observed.
