In the aftermath of the Lightning Summit, El Salvador’s President Neb Boquel wrote a prescription for his nation. According to a message on Twitter, his government will buy one bitcoin (BTC) every day. Thus, the pro-bitcoin chief implemented his long-term dollar cost averaging strategy.
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Nayib Bukele, famous “Presidente de El Salvador” “We buy one bitcoin every day starting tomorrow.” It’s a real stacker!
— Satoshi Stacker (@StackerSatoshi) November 17, 2022
Bitcoin (BTC) in El Salvador continues to grow
Ultimately, this means that El Salvador can save for the long term, even if the crypto winter lasts for a long time. Currently, El Salvador holds a total of 2,381 BTC, which were bought at an average price of $45,000. According to cryptocurrency portfolio tracker Bukele, Bitcoin BTC investments in El Salvador are currently down 63.22%.
With the cryptocurrency industry still licking its wounds after the FTX fiasco, the tiny Latin American country is likely in a two-for-one deal with DCA’s strategy. The move was applauded by the Crypto Twitter community, with some even speculating that El Salvador would be “so rich, it’s disgusting.”
You’ll be so rich, disgusting congratulations
– HypeManAlex (@HypeManAlex) November 17, 2022
Big Decisions for Bitcoin at the BTC Lightning Summit
The decision to buy 1 bitcoin per 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 at El Zonte, as November 17th will be the culmination of the event.
Bitcoin Beach invites cryptocurrency enthusiasts and nature lovers from all over the world. Whether or not it is easy to pay in bitcoin for a smoothie, summit participants will have the opportunity to find out for themselves.
The real fun part starts tomorrow at El zonte!
— Anibal (@elsalvadorguy) November 17, 2022
According to 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 world’s largest cryptocurrency as legal tender. Besides, this bold move has greatly boosted the tourism sector. This opened up new opportunities for the previously unbanked 70% of El Salvador’s population.
I’m here in El Zonte now and I was in San Salvador yesterday. I’ve been asking everyone if they like Bukele and the answer so far is yes from every local I’ve spoken to pic.twitter.com/eaKQI7Emg1
– Yujia Zhai (@yujia2020) November 17, 2022
on the flip side
- El Salvador is constantly being dragged into the mud by the media for its bitcoin tactics.
- President Najib Bukil wrote an opinion piece about the media which is owned by central banks and therefore lacks objectivity.
- Volcano Bonds, which are supposed to be backed by BTC, have been delayed twice.
- 77% of Salvadorans tend to think that the government has spent enough money on BTC as it is.
Why should you bother
The tiny Latin American country of El Salvador seeks financial freedom and transparency that does not depend on a centralized banking system. Being the first country in the world to adopt BTC as legal tender, El Salvador is laying the groundwork for other countries to follow in its footsteps.
Follow the journey of BTC adoption in El Salvador:
Pro-Bitcoin (BTC) Chief Nayib Bukele’s Fox News Appearance Meets Backlash
El Salvador denies holding Bitcoin (BTC) on FTX