El Salvador’s Bitcoin Strategy: Buy One BTC Every Day

Accumulate BTC every day – As we mentioned recently, and despite the appalling bankruptcy of FTXthe Salvador hasn’t sold any of his bitcoins. From now on, the Central American country would even intend to go beyond to show its long-term confidence in the invention of Satoshi Nakamoto. Its president, Nayib Bukeleannounces a program ofrecurring purchases of his nation regarding Bitcoin.

El Salvador wants to invest in 365 bitcoins every year

And even 366 bitcoins, leap years. Indeed, the President of El Salvador, Nayib Bukeledoes not seem to want to limit itself to its last blow of brilliance last year, when it had made Bitcoin a legal tender currency.

In a tweet published on his official account, the Salvadoran president thus announced his nation’s intention to buy 1 bitcoin every daya priori from November 18, 2022. Would the country have become a fan of the strategy of the Dollar cost averaging (DCA) which allows the purchase price of an asset to be smoothed over time?

This DCA would complete its strategy of HODLthat is to say of long-term storage of its bitcoins, without reselling them. The Treasury of El Salvador has 2,381 bitcoins before the start of this recurring purchase program. That’s about $40 million at the current price.

“We are buying one bitcoin every day starting tomorrow. »

Twitter account @nayibbukele

The trust of El Salvador in Bitcoin does not seem to have been started, at least in its elaborate public communication. In these troubled times, and in the face of the unprecedented scale of the FTX disasterthe ecosystem remains fragile in the face of the contagion which has not yet finished impacting the various counterparties of the fallen exchange.

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