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On Twitter earlier today, El Salvador's president, Nayib Bukele, declared, "We are buying one #Bitcoin every day starting tomorrow." The first nation in the world to accept Bitcoin (BTC) as legal tender is El Salvador. By October, they had lost $60 million in their BTC experiment, but their vision remained the same. What's this? The same day, Justin Sun of Tron reiterated Bukele's plan.
El Salvador’s President Nayib Bukele speaks during a news conference, in San Salvador, El Salvador, June 28, 2022. REUTERS/Jose Cabezas
It's interesting to note that Justin Sun, the founder of Tron and a worldwide advisor for Huobi, swiftly responded to Nayib Bukele's tweet and declared that his project would also acquire one Bitcoin every day. The accumulating strategy demonstrates that despite the current crypto winter, some people are still highly optimistic about Bitcoin. Do you think about purchasing additional Bitcoin?
Tron’s Justin Sun on Twitter
In September, the nation commemorated the one-year anniversary of the adoption of BTC as legal money. We can tell from the declaration that El Salvador is still in favor of Bitcoin and thinks it's a better way to protect against inflation. I wonder how many Bitcoins they have. According to a report on CryptoPotato, the little Central American nation has so far amassed 2,381 BTC.In September, the nation commemorated the one-year anniversary of the adoption of BTC as legal money. We can tell from the declaration that El Salvador is still in favor of Bitcoin and thinks it's a better way to protect against inflation. I wonder how many Bitcoins they have. According to a report on CryptoPotato, the little Central American nation has so far amassed 2,381 BTC.
Bukele and Sun will employ the dollar cost averaging (DCA) technique as opposed to purchasing a huge quantity of BTC all at once. Because DCA removes emotion from the decision-making process, you wind up spending less money overall than you would if you attempted to timing the market, which is challenging for most non-professional traders.
Final Thoughts
Nayib Bukele and Justin Sun have decided to employ the DCA strategy since the recent failure of Sam Bankman Fried's bitcoin exchange FTX has the potential to prolong the present bear market in cryptocurrencies.
I personally employ this method so that I may stop worrying so much about the market. What is your approach to investing? Do you hold onto your Bitcoin?
On Twitter earlier today, El Salvador's president, Nayib Bukele, declared, "We are buying one #Bitcoin every day starting tomorrow." The first nation in the world to accept Bitcoin (BTC) as legal tender is El Salvador. By October, they had lost $60 million in their BTC experiment, but their vision remained the same. What's this? The same day, Justin Sun of Tron reiterated Bukele's plan.
El Salvador’s President Nayib Bukele speaks during a news conference, in San Salvador, El Salvador, June 28, 2022. REUTERS/Jose Cabezas
It's interesting to note that Justin Sun, the founder of Tron and a worldwide advisor for Huobi, swiftly responded to Nayib Bukele's tweet and declared that his project would also acquire one Bitcoin every day. The accumulating strategy demonstrates that despite the current crypto winter, some people are still highly optimistic about Bitcoin. Do you think about purchasing additional Bitcoin?
Tron’s Justin Sun on Twitter
In September, the nation commemorated the one-year anniversary of the adoption of BTC as legal money. We can tell from the declaration that El Salvador is still in favor of Bitcoin and thinks it's a better way to protect against inflation. I wonder how many Bitcoins they have. According to a report on CryptoPotato, the little Central American nation has so far amassed 2,381 BTC.In September, the nation commemorated the one-year anniversary of the adoption of BTC as legal money. We can tell from the declaration that El Salvador is still in favor of Bitcoin and thinks it's a better way to protect against inflation. I wonder how many Bitcoins they have. According to a report on CryptoPotato, the little Central American nation has so far amassed 2,381 BTC.
Bukele and Sun will employ the dollar cost averaging (DCA) technique as opposed to purchasing a huge quantity of BTC all at once. Because DCA removes emotion from the decision-making process, you wind up spending less money overall than you would if you attempted to timing the market, which is challenging for most non-professional traders.
Final Thoughts
Nayib Bukele and Justin Sun have decided to employ the DCA strategy since the recent failure of Sam Bankman Fried's bitcoin exchange FTX has the potential to prolong the present bear market in cryptocurrencies.
I personally employ this method so that I may stop worrying so much about the market. What is your approach to investing? Do you hold onto your Bitcoin?
