Justin Sun and President of El Salvador buy 1 Bitcoin a day, what effect will it have on the market?

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Even though a bear market removes a large part of the value of BTC from state holdings.  Bukele did not back down from his position that Bitcoin is good for the country's future, saying that El Salvador will continue to buy Bitcoin.

  Bukele is undeterred by the huge downside of his controversial strategy of using public funds to invest in BTC.

  Bukele finally announced in a written statement on Twitter that they will be buying 1 BTC per day starting today.

  The announcement comes after the country bought its last bitcoin in June 2022, buying 80 BTC for $19,000 per coin.

  Additionally, El Salvador became the first country in the world to recognize bitcoin as legal tender in September 2021. Since then, President Bukele has been buying BTC frequently, taking advantage of sharp market rallies despite his country's economic slowdown.

  So far, the country has spent around $103 million (Rs. 1.6 trillion) on 2,381 BTC at an average price of $

 3,357 per unit.  However, various bear market barriers that have been overcome have taken a toll on the BTC price in recent months.


  The El Salvador Bitcoin acquired by Zycrypto on Friday (11/18/2022) is currently worth just $39 million (611 billion rubles) and unrealized losses are over $6

  million (1 trillion rubles).  However,

  Maa has not indicated that he intends to sell, and his holdings could exceed 3,000 BTC if he intends to buy one BTC per day.

  TRON founder Justin Sun supports the Bukelele initiative and also plans to buy 1 BTC per day.

  Justin doesn't seem to care much about the short term BTC price.  Shortly after the announcement of the Salvadoran president, Sun announced he would buy one bitcoin per day starting today.  Support related USDD stablecoins

  Dollar, Tron DAO Reserve, a community-based organization promoting the development of the Tron network, has acquired millions of Tron's native Bitcoin, TRX and Tether.

  What impact will this decision have on the crypto market?

  The decision by Nayib Bukele and Justin Sun uses the Dollar Cost Averaging (DCA) strategy where BTC purchases are made on a predetermined schedule.  Simply put, the DCA strategy is a simple method where you invest the same amount every day, month or week.

  The purchase price of 1 BTC per day does not fully affect the BTC price in the short term.  Because if you look at the price of 1 BTC in rupiah, which is 263.5 million rupiah, this amount is very far from the total daily volume of BTC, which according to Coinmarketcap is 63 trillion rupiah.

  Meanwhile, BTC was trading at $16,870.95 at 9:30 a.m , up 1.16% in 2  last hour, according to CoinMarketCap.

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