It’s no secret that sentiment surrounding cryptocurrency is considerably lower than it was around this same time last year. Between the collapse of Voyager, Three Arrows Capital and FTX, there has been a great deal of fear associated with cryptocurrency and the transparency of cryptocurrency exchanges. nevertheless, El Salvador is taking full advantage of this situation by doubling down on the previous amount of Bitcoin the country is purchasing. As of last week, El Salvador is now purchasing 1 Bitcoin each day, while the price remains low.

When El Salvador first announced that it would be adopting Bitcoin as a national currency, the public didn’t quite know what to think, while the crypto and Bitcoin maximalist communities were thrilled. National adoption is arguably the most bullish scenario for an asset like Bitcoin. Although this is the first instance, we’ve seen of a nation adopting a cryptocurrency, we’ve learned from the past that national adoption of new assets tends to start a trend of other nations doing the same thing. It’s likely that we will see other central American countries adopting cryptocurrencies soon.

El Salvador increasing its Bitcoin purchases is great news for the crypto community. Good news in the market can be hard to come by when the bears are in charge. Once the dust created within the past few months has settled, this kind of forward and optimistic thinking is exactly what it’ll take to drive the bears out of town!

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