El Salvador Bitcoin Investment Remains Sustained Despite Market Turmoil

Key Points:

• Despite a severe market downturn, the El Salvador Bitcoin investment strategy continues.
• The cryptocurrency market is experiencing its worst drop since December 2021, with a 14% reduction in total market capitalization over the past 24 hours.

El Salvador Bitcoin investment just keeps getting firmer today, even as the broader market faces a serious downturn.

Read more: El Salvador Mines $29M Bitcoin from Geothermal Plant!  

El Salvador Bitcoin Investment Continues Amid Market Slump

El Salvador, which made history in September 2021 as the first nation to adopt Bitcoin as legal tender alongside the US dollar, has taken another giant step toward its integration into the economic framework of the biggest cryptocurrency.

President Nayib Bukele has tripled down on the El Salvador Bitcoin investment strategy, reaffirming that the nation would continue buying one Bitcoin every day as part of its “1 Bitcoin per Day” program. In November 2022, the initiative was established with the aim of accumulating large reserves of Bitcoin over a long time, and these purchased Bitcoins have been stored in a special wallet that recently helped secure a large fraction of the nation’s holdings.

This is regardless of the country’s relatively modest reserves of Bitcoin compared to other entities like MicroStrategy. El Salvador‘s government clearly has high hopes for the appreciation in value and increased utility of Bitcoin in the future. A proposal recently forwarded by the country to Russia for trade in cryptocurrency helps underline a push to circumvent financial constraints that have been issued through international sanctions.

Crypto Market Suffers The Purge

The cryptocurrency market is in deep decline, referred to as the worst since December 2021, with the total market capitalization having fallen by 14 percent in the last 24 hours.

In these juddering times, Jump Crypto has moved 17,576 ETH to major exchanges such as Binance, OKX, Coinbase, Bybit, and Gate.io, worth over $46.78 million. It is part of a broader trend, with the sales of Ether by Jump Crypto amounting to $277 million in the past ten days.