coinedition.com
Amidst the crypto market collapse, El Salvador’s President Nayib Bukele announces purchasing Bitcoin (BTC) daily as he is joined by TRON’s founder Justin Sun in the decision.
On Wednesday, Bukele tweeted that El Salvador will be buying one Bitcoin ‘every day starting tomorrow.’ Shortly after this tweet, Justin Sun who is also serving as Grenada’s Ambassador joined Bukele’s decision and clinched the deal.
We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow! 🫡
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 17, 2022
It is worth mentioning that, currently, El Salvador owns nearly 2,381 bitcoins and has an average purchase price of about $43,000 with a loss of about $54 million. The country last bought Bitcoin in July this year.
Crypto Twitter also gave a thumbs up to the suggestion of setting up a Bitcoin buying routine. To which, Sun said that the community needs more people joining this mission, and if everyone accedes to purchasing $1 worth of BTC every day, “that would be 8 billion worth everyday!”
Bitcoin is currently trading at $16,596.26. The decision to purchase Bitcoins daily comes at a significant juncture especially as Bitcoin’s new cycle low could counterbalance El Salvador’s losses in the future.
However, it is quite remarkable how Bitcoin adoption has turned out for El Salvador. Even as the crypto market is struggling with the collapse of exchanges and winter trends, in the case of El Salvador, Bitcoin has considerably aided in reducing crypto border remittance costs and leveraging the nation’s tourism.
Subsequently, the adoption has made it possible for people to exchange cryptos with retailers, money tenders at tourist spots, and many more instances.