Bear market, FTX collapse, miners’ difficulties, exchanges’ panic, …, the crypto ecosystem is going through one bad news after another. No question of giving in to despair all the same as evidenced by the decision taken by Nayib Bukele. The president of El Salvador announced that from tomorrow, his country will buy one bitcoin every day. An optimism shared by several personalities including Edward Snowden for whom the Bitcoin will soon go up.
El Salvador will buy 1 Bitcoin every day!
The first state in the world to legalize Bitcoin, El Salvador has a reserve of 2,381 BTC. Due to the drop in the value of Bitcoin, the reserve amount has dropped significantly. This has not affected Nayib Bukele‘s optimism towards Bitcoin in any way. The president of El Salvador has announced that his country is considering strengthening its Bitcoin stockpile.
Unlike previous purchases, Nayib Bukele plans to go for it in DCA.
On twitter, the head of state made it known that his country will buy one bitcoin every day. This operation is expected to begin tomorrow Friday, November 18, 2022.
DCA (Dollar Cost Averaging) is an effective long-term crypto investment technique. It consists of investing a set amount of money on a crypto project in a defined time interval. This allows you to ride the market fluctuations and mitigates the effect of volatility on the investment.
Nayib Bukele‘s announcement comes as the crypto ecosystem is going through one of its worst moments. In addition to the ongoing bear market, the FTX collapse is still impacting the market. Several exchanges are going through crisis moments with massive fund withdrawals.
Mining activities are paying the price of these economic difficulties.
Despite this difficult context, Nayib Bukele believes in Bitcoin and he is far from being the only one.
Bitcoin, is it time to buy? Yes to Edward Snowden and Elon Musk
While bitcoin is worth 4 times less than a year ago, more and more personalities believe that the bull market will soon begin. This is the case of Edward Snowden, the recently acquired Russian whistleblower.
Edward Snowden has predicted a meteoric rise in Bitcoin.
The former NSA agent appends to his tweet the chart of the Bitcoin price in 2020 which he finds quite similar to today’s. However, Edward Snowden reminds us that his view is not an investment advice while being one at the same time.
When most people say “this is not financial advice” they are lying, but it is actually not financial advice, since I have no financial education. So I have no idea what I’m doing.Edward Snowden
Twitter owner Elon Musk also seems optimistic about the future of Bitcoin. Responding to a tweet predicting the value of Bitcoin in a year, the Tesla CEO suggested that the queen of cryptocurrencies will be fine. Unlike Edward Snowden, the billionaire believes the bear market will continue.
Starting at DCA, Bitcoin advocate Nayib Bukele, will healthily strengthen El Salvador’s cash flow. He’s betting on an asset that increasingly has everyone in agreement. While Bitcoin has lost nearly three-quarters of its value in a year, it’s still clear that the cryptocurrency queen will bounce back. It has already done so several times and should in principle do so again, it remains to be seen when!
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.