El Salvador will be buying one bitcoin a day, its president Nayib Bukele publicly said with one bitcoin currently worth $16,500.
“We are buying one Bitcoin every day starting tomorrow,” Bukele tweeted to his 4.4 million followers.
Justin Sun, the founder of Tron and now the partial owner of Huobi, also said:
“We echo Nayib Bukele’s initiative in buying Bitcoin daily. We will also buy one Bitcoin everyday starting tomorrow!”
Dollar cost averaging at its finest, you might say, or just a gimmick. Or more a statement that they’re still here, undeterred, and plan to keep bitcoining on.
El Salvador had 550 bitcoin in September last year, much of it bought near the peak of prices.
It became the first country to declare bitcoin as legal tender, with all shops there required by law to accept bitcoin.
It also became the first country to hold bitcoin in reserves. They even planned to buy $500 million worth of BTC, but those plans didn’t quite go anywhere.
There were plans for bitcoin volcano mining, with it unclear how much that has developed so far.
Yet, at just 550 bitcoin, El Salvador has invested what they can afford to lose so now they get to accumulate at the bottom.
Source: https://www.trustnodes.com/2022/11/17/el-salvador-doubles-down-on-bitcoin