In the wake of the Bitcoin Lightning Summit, El Salvador’s President Nayib Bukele wrote out a prescription for his nation. According to a message on Twitter, his government is going to buy one Bitcoin (BTC) every day. The pro-Bitcoin President has thus implemented his long-term dollar-cost-averaging strategy.
El Salvador’s Bitcoin (BTC) Stash Keeps Growing
Ultimately, this means that El Salvador can save up in the long run, even if the crypto winter continues for quite a while. Presently, El Salvador holds a total of 2381 BTC, which were acquired at an average price of $45,000. According to Bukele’s crypto portfolio tracker, El Salvador’s Bitcoin BTC investment is currently down by 63.22%.
As the crypto industry is still licking its wounds after the FTX fiasco, it’s likely that the small Latin American country is in for a two-for-one bargain with the DCA strategy. The Crypto Twitter community praised Bukele for the move, with some even predicting that El Salvador is going to be “so rich, it’s disgusting”.
Big Decisions for Bitcoin In The BTC Lightning Summit
The decision to buy one BTC a day comes in the middle of a very special event. The annual BTC conference in San Salvador, the nation’s capital, is counting its final day in El Zonte, as November 17th is going to be the culmination of the event.
The Bitcoin Beach invites crypto enthusiasts and nature lovers from all over the world. Whether it’s easy or not to pay in BTC for a smoothie, the participants of the summit will have the opportunity to find out for themselves.
According to the reports, some merchants still find it difficult to accept BTC, even in El Zonte. However, most of the locals are happy with Nayib Bukele’s decision to adopt the largest cryptocurrency in the world as legal tender. Besides, the bold move has significantly strengthened the tourism sector. This has provided new opportunities for the 70% of El Salvador’s population who were unbanked beforehand.
On the Flipside
El Salvador gets constantly dragged through the mud by the mass media for its Bitcoin tactics.
President Nayib Bukele penned an op-ed about the media outlets that are owned by central banks and, therefore, lack objectivity.
The Volcano bonds, which are meant to be backed by BTC, have been postponed twice.
77% of Salvadorans tend to think that the government spent enough money on BTC as it is.
Why You Should Care
The small Latin American country of El Salvador is seeking financial freedom and transparency that’s not dependent upon a centralized banking system. Being the first country in the world to adopt BTC as legal tender, El Salvador lays the groundwork for other countries to follow in its footsteps.
Follow the journey of BTC adoption in El Salvador: