Fearless in a Sluggish Market El Salvador Stays Committed to DCA Purchase Plan Buying One Bitcoin a Day

Despite the recent weak price trend of Bitcoin, even dipping below USD 58,000 today, El Salvador remains committed to its promise, persisting in the daily purchase of one Bitcoin (BTC). According to data from BitInfoCharts, since mid-March, when President Nayib Bukele moved the country’s Bitcoin to a cold wallet and announced the address, that address has been consistently acquiring one Bitcoin per day. As of now, the wallet holds a total of 5,800 Bitcoins, valued at approximately USD 340 million. El Salvador’s regular buying plan is a policy announced by Nayib Bukele in 2022, with the country having fixed daily purchases of one Bitcoin since November 18, 2022. This strategy’s initiation is a significant move following El Salvador becoming the first country to adopt Bitcoin as legal tender in September 2021. In addition to direct Bitcoin purchases, the country has many other ways to accumulate Bitcoin, such as passport sales, currency exchange, mining, and other government services. According to previous reports by Reuters, as of May 15, 2024, El Salvador has mined 473.5 Bitcoins (BTC) using the geothermal energy of the Tecapa volcano.