Tron's DAO has also committed to purchasing one Bitcoin (BTC) every day as it moves in the same direction as El Salvador.
In a little over a year, Bitcoin's price has dropped by more than sixty percent from its all-time high of more than sixty thousand dollars.

El Salvador provides the broader cryptocurrency community with a reason to celebrate by declaring that it would increase its holdings of bitcoin by purchasing one bitcoin (BTC) every single day.

Nayib Bukele, the president of El Salvador, has stated that the present price of bitcoin would not influence the choice of the nation to amass more assets. He revealed the news through Twitter, saying that the nation would be purchasing 1 BTC each day regardless of how much the asset was worth.

Bukele made the announcement that they will begin purchasing one Bitcoin on a daily basis beginning tomorrow. It is not known how long the newly implemented purchasing technique will be effective, but industry experts believe that it might continue for as long as the price of bitcoin remains lower than $25,000.

BTC has hit a 52-week low of $15,682 back in October, when it was trading at roughly the same price as it is now, which is over $16,000. The approach that El Salvador took has been described as a version of the dollar cost averaging (DCA) technique, which includes investing in an asset at regular intervals over a specified length of time, regardless of the price. This strategy was implemented by El Salvador.

In 2021, El Salvador approved the use of bitcoin as a form of legal money. In the preceding year, the country had created a reserve of 2,381 bitcoins. According to the statistics, El Salvador spent an average of $43,000 on each bitcoin that it acquired, which places the venture in a position where it is effectively incurring significant losses.

The sharp decrease in the price of bitcoin has made things look gloomier for the nation in central America, which had pinned its hopes on the cryptocurrency as a means of escaping the problems it faces economically. The fresh purchasing binge, on the other hand, is an indication that Bukele has not given up faith in Bitcoin and that the company believes that "buying the drop" could be able to turn around the fortunes of its lagging venture into the market.

Also interested is Justin Sun.
Justin Sun, the creator of Tron, took advantage of the situation to reveal that the company had similar intentions to acquire one Bitcoin every day. The Bitcoins that were acquired will be stored with the TronDAO Reserve, which is a decentralized autonomous organization that was founded around Tron.

"We are in agreement with Nayin Bukele's decision to make daily purchases of bitcoin. Starting tomorrow, we will also purchase one Bitcoin each and every day. " said Sun.

Since its inception, the Decentralized Autonomous Organization (DAO) has been responsible for the accumulation of bitcoins and the expenditure of millions of dollars in the name of "protecting the broader blockchain industry and crypto market."

The decision made by the two organizations to store additional BTC did not succeed in kicking off a rally for the asset as the general market for virtual currencies was roiled as a result of the announcement that FTX had suffered a catastrophic failure.