[El Salvador continues to use DCA strategy to buy Bitcoin]
Despite the recent decline in Bitcoin prices, El Salvador is still purchasing one Bitcoin (BTC) per day. According to data from BitInfoCharts, the government of El Salvador has been accumulating one Bitcoin every day since mid-March using a dollar-cost averaging (DCA) strategy. The news was revealed after El Salvador’s President Nayib Bukele moved the country’s Bitcoin reserves to a cold wallet and made the address public.
At the time of the transfer, El Salvador held approximately 5,600 Bitcoins worth more than $400 million. Bukele calls the wallet El Salvador’s “first Bitcoin piggy bank.” Since November 18, 2022, he has been updating daily Bitcoin purchases on social networks every day.
Bukele said the country is not just buying Bitcoin, but accumulating it through the sale of passports, currency exchanges, mining operations and other government services. As of May 15, 2024, 473.5 Bitcoins were mined in El Salvador using the geothermal energy of the Tecapa volcano.
These moves show El Salvador’s firm stance on Bitcoin investment. No matter how the market fluctuates, they continue to accumulate Bitcoin and regard it as part of the national assets.
