David – Crypto Speculator
President of El Salvador Nayib Bukele declares daily Bitcoin purchase
Justin Sun, the creator of Tron, soon backed president’s goal
According to Sun, the crypto community needs additional members to help in this endeavor
Nayib Bukele, the president of El Salvador, and Justin Sun, the founder of TRON, say that they would start buying Bitcoin (BTC) every day in the middle of the collapse of the cryptocurrency market.
Bukele tweeted that El Salvador would start purchasing one Bitcoin "every day starting tomorrow." Following this tweet, Justin Sun, who is also acting as the ambassador for Grenada, agreed with Bukele's choice and sealed the deal. It is important to note that El Salvador presently has over 2,381 bitcoins with an average purchase price of $43,000 and a loss of around $54 million. In July of this year, the nation last purchased Bitcoin.
Crypto Twitter also endorsed the idea of creating a regular Bitcoin purchase schedule. The community needs more members to join this quest, Sun said, adding if everyone agreed to buy $1 worth of BTC each day, "that would be 8 billion worth each day!"
The choice to buy Bitcoins every day is significant, especially given that El Salvador's losses in the future may be offset by Bitcoin's new cycle low. However, El Salvador's experience with Bitcoin adoption is quite remarkable. In the case of El Salvador, Bitcoin has significantly helped in lowering the cost of cross-border cryptocurrency remittances and boosting the country's tourism, even though the crypto market investment is currently experiencing difficulties due to the collapse of exchanges and winter trends.
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