El Salvador will buy bitcoin every day

Starting November 18, El Salvador will start using the DCA strategy — the country will buy 1 bitcoin daily. This was announced on Twitter by the country’s President Naib Buchele.

We are buying one #Bitcoin every day starting tomorrow.

— Nayib Bukele (@nayibbukele) November 17, 2022

The DCA (Dollar Cost Averaging) strategy is a process when you can buy an asset for a fixed amount after a certain period of time. For example, for $ 15 daily.

According to public data, El Salvador currently owns 2381 BTC at an average purchase price of $ 43,357. Thus, the country has spent almost $ 103.23 million on the purchase of BTC, and the value of the flagship crypto currently owned by the state is $ 39.4 million (at the current exchange rate).

El Salvador and its president are well-known adherents of the flagship cryptocurrency. It is the recognition of BTC as legal tender in El Salvador that has contributed to the increase in tourist traffic to this resort country located in Central America. Nayib Bukele believes that if foreigners have the opportunity to pay for their vacation in El Salvador with cryptocurrency, it will attract more public attention and increase the number of tourists.

We would like to remind you that El Salvador was included in the Guinness Book of Records as the first country to accept bitcoin as a legal tender last June. As of the time of writing, the flagship cryptocurrency BTC $62,283.94 Bitcoin -1.92% Market capitalization $1.23 trillion VOL. 24 hours $1.25 billion is trading at $ 16,594, with a market capitalization of $ 318.77 billion and daily trading volumes exceeding $ 4.25 billion.