El Salvador President, Tron founder start buying one bitcoin per day

Tevarak

Nayib Bukele, El Salvador’s president, and Justin Sun, the founder of the Tron cryptocurrency network, have pledged to purchase one bitcoin (BTC-USD) every day in an accumulation strategy known as dollar cost averaging.

“We are buying one #Bitcoin every day starting tomorrow,” Bukele, an avid HODLer of bitcoin (BTC-USD), wrote in a Twitter post Wednesday. Prior to that, El Salvador has acquired more than 2K bitcoins, mostly “buying the dip,” since it made the token legal tender in the country in June 2021.

But bitcoin (BTC-USD) has been experiencing arguably its worst bear market in its 14-year history, falling some 75% from its November 2021 peak of $68.9K, as macroeconomic headwinds, increased regulatory scrutiny and an uncomfortable amount of blockchain attacks sting the emerging digital asset space. And last week’s downfall of Sam Bankman-Fried’s crypto empire is putting market participants further on edge.

Tron’s Sun, meanwhile, mirrored Bukele’s new bitcoin (BTC-USD) initiative shortly after the latter’s announcement, according to another tweet.

Looking at Thursday’s price action, bitcoin (BTC-USD) edged up 0.7% to $16.52K, down from roughly $21K on November 4, when the FTX mess started to rattle the crypto market.

Previously, (Nov. 10) Tron founder Justin Sun appears to extend lifeline to FTX.