El Salvador Is Buying One Bitcoin Every Day
El Salvador, the world's first nation to recognize Bitcoin as legal tender, creates positive vibes in crypto with its moves. After announcing Bitcoin as an official and legal tender in September 2021, they started buying Bitcoin at different times.
Recently El Salvador's president Nayib Bukele tweeted about buying one Bitcoin every day. According to Buy Bitcoin Worldwide, El Salvador holds 2,381 bitcoin at an average buying price of $43,357. Since they started accumulating BTC in the bull run, it shows losses in the balance sheet.
But El Salvador does not plan to sell Bitcoin, instead decides to keep buying and accumulating BTC now at a low price. No one knows how long the crypto market remains in this bear market. Buying BTC at this time offsets some of its losses and brings the average buying price low.
In spite of getting a lot of criticism, especially from the International Monetary Fund (IMF), El Salvador does not stop its adoption of Bitcoin. This sets a good example and many countries will follow this sooner or later.
The government and central bank can print fiat currency out of thin air and it will always decrease its value. The people who save money with fiat currency will pay the ultimate price. It not only creates the gap between rich and poor but also broadens the gap and creates inequality in society.
There will be no more than 21 million bitcoin in circulation and that makes a huge difference. Everyone is looking for building assets in a way that does not depreciate over time. El Salvador makes smart moves and you can imagine how it would impact their financial situation in the future.
They have the US dollar as well as Bitcoin as legal tender. They can take advantage of this time to accumulate more BTC and it is exciting to see them doing it. In spite of having a lot of bad news in crypto, there is some good news. And buying one Bitcoin every day is the news that shows people are bullish on crypto.
No matter what happens, crypto will find a way to move forward and overcome any obstacle that's on the way. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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I wonder if they will keep that up forever or just during the bear market. It is good for BTC though and he can DCA into BTC because I think BTC will be higher in the future.
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Doing DCA in BTC, especially in the bear market is a good strategy. I'm excited to see their position in the next bull run!
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