The President of El Salvador will "buy 1 Bitcoin a day", Justin Sun responds
After a long period of silence, El Salvador President Nayib Bukele suddenly returned to the cryptocurrency sector with a call to "buy Bitcoin".
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At noon on November 17, El Salvador President Nayib Bukele announced on Twitter that his country will reinstate its strategy of buying Bitcoin, accumulating 1 BTC per day starting tomorrow. It is not clear how long this plan to buy BTC will last.
Bukele also did not specify the reason for the resumption of Bitcoin buying. The last time the Latin American country put money into the world's largest cryptocurrency was on July 1, 2022.
El Salvador and President Bukele emerged between 2021-2022 as some of the most pro-Bitcoin adoption organizations. After officially recognizing BTC as legal currency last September, Mr. Bukele made many investments in Bitcoin on behalf of the government with a total amount of 2,381 BTC.
- See also: El Salvador accepts Bitcoin as legal currency – 1 year back
However, when the cryptocurrency market turned, El Salvador's BTC investment was severely affected and lost 63% of its value. The average purchase price of El Salvador is 45,000 USDC/BTC.
Soon after, crypto giant Justin Sun, who is rumored to have just spent $1 billion to buy Huobi exchange, responded to Mr. Bukele's call and announced that the TRON DAO Reserve fund would also buy. 1 BTC per day. TRON DAO Reserve is a hedge fund for stablecoin USDD created by Justin Sun in May.
President Bukele recently denied that El Salvador kept his Bitcoin investment on the FTX exchange, the new platform that went bankrupt and held a large amount of money from users and large organizations.
Nov 17, 2022