El Salvador's President, Nayib Bukele, revealed late yesterday evening that the country would begin buying one bitcoin per day beginning today. He made the announcement while El Salvador was still in the middle of the night.
The adoption of dollar-cost-averaging (DCA) in bitcoin transactions is widespread within the community, but it is unprecedented for a nation state.
At the moment, the nation has a bitcoin treasury that is comprised of 2,381 BTC and is worth more than $39 million. Bukele has made it a pattern in the past to acquire a significant quantity of Bitcoin (BTC) during periods of market volatility and to "buy the dip."
In addition to buying Bitcoin and keeping it in reserves for the country of El Salvador, the administration of President Bukele has helped to foster the birth of events that gather world leaders from countries all over the world to learn about the financial freedom that can be gained through the adoption of Bitcoin.
It was announced in September that representatives from over 30 countries and over 110 speakers, including a senator from Mexico named Indira Kempis, would get together to talk about financial inclusion. The attendees of this event were given an overview of the uses of bitcoin in the financial sector and had the opportunity to observe bitcoin transactions taking place at Bitcoin Beach.
Then, in the month of October, the State Treasurer of North Carolina in the United States traveled to El Salvador on his own dime to gain an understanding of the alterations that bitcoin has already made for the economy of El Salvador.
Dennis Fassuliotis, the current president of the South Carolina Emerging Technologies Association, stated at the time that "what we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina." "What we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina."
Bukele and his administration have made it abundantly clear that they intend to increase El Salvador's investment into an economy that is predicated on bitcoin at the same time that Bitcoin use is expanding throughout the economy as a result of new initiatives such as the issuance of bitcoin diplomas. It is currently unknown how much longer the purchase of 1 BTC per day will be allowed to continue.