El Salvador President Nayib Bukele, Tron's Justin Sun To Buy 1 Bitcoin A Day

Zinger Key Points
  • Amid crypto winter Nayib Bukele and Justin Sun vow to buy a Bitcoin every day.
  • El Salvador, which made Bitcoin a legal tender in June last year, currently has 2381 BTC in its kitty at an average price of $43,000.
El Salvador President Nayib Bukele, Tron's Justin Sun To Buy 1 Bitcoin A Day

El Salvador President Nayib Bukele and Tron cryptocurrency founder Justin Sun plan to accumulate one Bitcoin BTC/USD every day, notwithstanding the possibility of a prolonged crypto winter.

“We are buying one #Bitcoin every day starting tomorrow,” Bukele tweeted.

Sun, who is also a Permanent Representative of Grenada to the World Trade Organization, echoed Bukele’s initiative and also plans to buy one Bitcoin a day — starting tomorrow.

The announcement comes as the cryptocurrency industry spirals due to market volatility and the recent FTX bankruptcy.

And due to massive deleveraging between May and June, there were not many major marginal sellers left in the market. 

Also Read: Temasek Intends To Write Down Investments In FTX Of Up To $300M: Expert Weighs In On What's Next In Crypto Investments

 "The recent market turbulence and absence of large buyers have left the asset class vulnerable, potentially extending an already long crypto winter," Coinbase Global Inc. COIN stated in a recent research report.

Dollar-cost averaging (DCA) is a method of buying Bitcoin at regular intervals as opposed to buying in response to market fluctuations.

The benefit of DCA is that it takes the emotion out of the decision-making process, resulting in spending a lesser amount of money than one would if one tried to time the market.

In June of last year, El Salvador declared Bitcoin to be legal cash in the hopes that it would aid in resolving the nation's persistent economic problems. Since then, the debt-ridden country has purportedly paid an average of $43,000 for 2,381 Bitcoin.

As collateral for its dollar-pegged stablecoin USDD, Sun's Tron DAO Reserve, a community-focused organization that promotes development on the Tron network, has acquired millions in Bitcoin, Tron's native token TRX TRX/USD, and Tether USDT/USD.

At the time of publication, there are 14,040.6 BTC, 240 million USDT, 442,323,460, and 954 million TRX in the collateral supporting USDD.

Next: FTX 'Hunted' Our Positions And Took Us Down, Says Three Arrows Capital's Kyle Davies

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