El Salvador Continues to Buy Bitcoin Using the DCA Strategy

The price of Bitcoin has fallen over the past few days, but despite this, El Salvador is still buying one BTC every day.

According to BitInfoCharts, the cold wallet controlled by the Salvadoran government has been accumulating 1 BTC daily since mid-March using a DCA (dollar-cost averaging) strategy. This became known after the President of El Salvador, Nayib Bukele, transferred the country’s BTC reserves to a cold wallet and published the address.

At the time of the transfer, there were about 5,600 BTC in El Salvador, worth more than $400 million. Bukele called the wallet “the first Bitcoin piggy bank” in El Salvador. Previously, he only updated information on social networks as the daily Bitcoin purchases began on November 18, 2022.

Bukele has previously said that the country is not just buying BTC, but accumulating it through the sale of passports, currency conversion, mining operations and other government services. It also became known that as of May 15, 2024, El Salvador had mined 473.5 BTC using the geothermal energy of the Tecapa volcano.