The president of El Salvador on Thursday pledged to buy one bitcoin a day, as the cryptocurrency industry reels from the collapse of FTX and other players.
President Nayib Bukele made the pledge to expand the country’s holdings over Twitter.
According to CoinTelegraph, the country holds 2,381 bitcoins, purchased at an average price of $43,357.
on Thursday morning was changing hands at $16,584.
El Salvador, the only country where bitcoin is legal tender, is in financial difficulties, though its cryptocurrency experiment is not at the root of its problems even if it’s been a money-losing experience.
The cost of buying five-year credit-default swaps of 2,531 is among the highest in the world and even worse than Sri Lanka’s, which defaulted this year.