Crypto Fear Index Rises, but El Salvador Buys 1 Bitcoin a Day

The crypto fear and greed index rose to 29 today, but El Salvador remains unfazed by such metrics as it continues to buy 1 Bitcoin everyday.

El Salvador President Nayib Bukele had said that the country has been buying Bitcoin everyday since 2022. As a result, the tradition seems to be religiously followed as El Salvador continues to buy , and has gathered around 5,862 $BTC in total so far, as reported by AltcoinDaily.

However, in general, the cryptocurrency panic and greed index has gone up to 29 today, compared with 27 yesterday, and the market is still in a panic.

President Nayib Bukele had extensively spoken about his Bitcoin Reserve recently. Bukele claimed that El Salvador, has benefitted in several ways from positioning itself as a Bitcoin-friendly country while the risks that institutions such as the IMF warned of have yet to materialize.

“It gave us branding, it brought us investments, it brought us tourism,” Bukele stated. “I do believe that the positive outcomes outweigh the negative, and the issues that have been highlighted are relatively minor.” On his 1 Bitcoin everyday strategy he added that the country will continue buying Bitcoin until it becomes unaffordable to buy Bitcoin with fiat currencies.

Bitcoin is currently trading at $57,699.89 after recording a jump of 1.82% in the past 24 hours. However, the crypto had already crossed the $58k mark yesterday.

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