- El Salvador President Nayik Bukele and Justin Sun announced to buy one BTC daily.
- Despite the BTC decline, both Bukele and Justin Sun made bets on BTC.
- Justin Sun founded Tron’s coin TRX at a market price of $0.05167.
BTC, El Salvador and Justin Sun
Bitcoin is now in the news, connecting the names of two famous personalities: El Salvador’s President Nayib Bukele and the founder of the biggest blockchain DAO ecosystem Tron, Justin Sun. Sun is also the Permanent Representative of Grenada to the WTO.
On 17 November, Bukele tweeted-
“We are buying one Bitcoin every day starting tomorrow.”
After that, Justin Sun also discussed a matching move, he mentioned it on Twitter-
“NOV 17 We echo @nayibbukele’s initiative in buying Bitcoin daily. We will also buy one Bitcoin everyday starting tomorrow!”
They are using a Dollar Cost Averaging (DCA) strategy (also known as Constant dollar plan), in which BTC is purchased in a preset schedule. The strategy is mostly used by investors looking to buy out BTC for the long term, apart from the reaction of regular market movements.
El Salvador holds a total of 2,381 BTC at an average price of $43,357. As of 30 June 2022, the country last purchased 80 BTC, costing them $19,000 per coin with a total investment of $1,520,000.
On 1 July, he tweeted-
“El Salvador bought today 80 BTC at $19,000 each! Bitcoin is the future! Thank you for selling cheap”.
BTC Supported Amid Bearish Market
But the nation’s President has also faced many criticisms from the citizens regarding the ‘unrealistic optimism’ for the future potential of BTC. Also, the recent FTX crash has stretched the darkness of crypto winter.
According to the Coin Republic, El Salvador has $800 million in bond payments due in January 2023. They are also among one of the worst debts in all of Latin America in recent year.
However, the country officialized BTC as a national legal tender in September last year. But despite fear of BTC value amid FTX collapse, some believe that BTC will bounce back.
But on the other side, Justin Sun is also eager towards the ups and downs of the bearish market of BTC. He also posted on the same day-
“That’s great! We need more people joining this mission, if everyone in the world buys $1 worth of Bitcoin a day, that would be 8 BIL worth everyday! Join us and let’s do this!”
Also after these announcements, Justin Sun founded company Tron Foundation backed coin TRON (TRX) is uplifted amid all the market downturns. At the time of writing, TRX is trading at $0.05167 with a volume of $305.38 million in the last 24 hours.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/11/19/trons-justin-sun-and-el-salvadors-president-to-purchase-1-btc-daily/