El Salvador's President Tweeted: Will Buy One Bitcoin Every Day
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Nayib Bukele, the president of El Salvador, said on Twitter earlier today, "We are buying one #Bitcoin every day starting tomorrow." El Salvador is the first country in the world to accept Bitcoin (BTC) as money. They had lost $60 million by the end of October in their BTC trial, but their goal remained the same. This is what? On the same day, Tron's Justin Sun reaffirmed Bukele's strategy.
El Salvador’s President Nayib Bukele speaks during a news conference, in San Salvador, El Salvador, June 28, 2022. REUTERS/Jose Cabezas
It's noteworthy that Justin Sun, the creator of Tron and a global advisor for Huobi, reacted quickly to Nayib Bukele's tweet and announced that his initiative would likewise acquire one Bitcoin every day. The accumulation technique shows that some people are still incredibly optimistic about Bitcoin despite the current crypto winter. Do you consider purchasing more Bitcoin?
Tron’s Justin Sun on Twitter
The country observed the one-year anniversary of the acceptance of BTC as legal tender in September. The proclamation indicates that El Salvador is still in favor of Bitcoin and believes it to be a superior method of inflation protection. How many Bitcoins do they have? A report from CryptoPotato indicates that the little Central American country has so far accumulated 2,381 BTC.
The country observed the one-year anniversary of the acceptance of BTC as legal tender in September. The proclamation indicates that El Salvador is still in favor of Bitcoin and believes it to be a superior method of inflation protection. How many Bitcoins do they have? A study from CryptoPotato indicates that the little Central American country has so far accumulated 2,381 BTC.
Instead of buying a sizable amount of BTC all at once, Bukele and Sun will use the dollar cost averaging (DCA) method. You end up spending less money overall than you would if you tried to time the market, which is difficult for most amateur traders because DCA takes emotion out of the decision-making process.
Final Reflections
Since Sam Bankman Fried's bitcoin exchange recently failed, Nayib Bukele and Justin Sun have chosen to use the DCA technique. The current cryptocurrency bear market could be extended by FTX.
This approach is one that I myself use to reduce my market anxiety. What method of investment do you employ? Do you keep your Bitcoin on hand?
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