El Salvador Launches Plan to Buy Bitcoin Every Day
El Salvador's President Nayib Bukele issued a prescription following the Bitcoin Lightning Summit. His administration plans to purchase one Bitcoin (BTC) every day. As a result, the Bitcoin-supporting President has adopted his long-term dollar-cost-averaging approach. Finally, even if the crypto winter lasts a long time, El Salvador will be able to save in the long term. El Salvador now has a total of 2381 BTC, which were purchased for an average price of 45,000 USD. El Salvador's Bitcoin BTC investment is presently down by 63.22%, according to Bukele's crypto portfolio tracker. The choice to purchase one Bitcoin every day occurs in the midst of a really unique occasion. The annual BTC conference in El Zonte, San Salvador, the nation's capital, is nearing its end, with the event culminating on 17th of November.
As the crypto industry continues to lick its wounds following the FTX debacle, the small Latin American country is expected to get a two-for-one deal with the DCA plan. The Crypto Twitter community lauded Bukele's decision, with some even predicting that El Salvador will become so rich, it's disgusting. They seek financial freedom and transparency independent of a centralized banking system. El Salvador, as the first government in the world to embrace Bitcoin as legal cash, lays the framework for other countries to follow in its footsteps.
Movement of Bitcoin in the last five years. (Source: Trading Economics)
Sources:
https://tradingeconomics.com/btcusd:cur
https://decrypt.co/114897/el-salvador-start-buying-1-bitcoin-every-day-says-president-bukele
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