Bitcoin Conference in El Salvador was Quiet, Nayib Bukele Promises to Buy One Coin Every Day

President Nayib Bukele, promises to buy Bitcoin every day. (photo: Twitter @nayibbukele)

JAKARTA - The long-awaited bitcoin conference in El Salvador, which took center stage in 2021 after the small nation became the first in the world to adopt crypto-currencies as legal tender, has lost its sheen amidst a massive worldwide rout digital currency.

The absence of big names from the bitcoin world and empty seats was noticed at the “Adopting Bitcoin: A Lightning Summit in El Salvador,” which started Tuesday, November 15 and ended Thursday, November 17 in the capital city of San Salvador.

"The fact that prices are low, that there are problems elsewhere has created an uncertain environment," said Juan Fonseca, 41, a Guatemalan who attended the conference.

Like other cryptocurrencies, bitcoin has fallen sharply throughout the year as rising US Federal Reserve interest rates and sky-high inflation prompted investors to dump riskier assets.

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

Bitcoin, the largest and most well-known cryptocurrency in the world, has plummeted even further after the spectacular collapse of the FTX crypto exchange. Bitcoin is now trading around $16.600, a world down from an all-time high of nearly $69.000 in November last year.

But some Bitcoin enthusiasts see the current problems as just a temporary glitch.

“Crypto exchange Bitfinex will redouble its efforts to build a free, unstoppable, resilient, and open bitcoin and technology infrastructure for El Salvador,” said Paolo Ardoino, the company's chief technology officer.

Ifinex, parent of Bitfinex, has agreed to collaborate with the government of El Salvador to create a regulatory framework for digital assets and securities.

"El Salvador will become the financial and technological center of Central America. Noise will not disturb the builders," Ardoino added after meeting with El Salvador President Nayib Bukele.

Bukele, who has championed the adoption of cryptocurrencies as legal tender alongside the US dollar, tweeted late Wednesday, "We are buying one Bitcoin every day starting tomorrow."

So far, his government has acquired 2.381 bitcoins for about $107 million. However, due to the current decline in Bitcoin prices, the value is only 39.5 million US dollars (IDR 611 billion)