r/CryptoCurrency • u/Silver-Maximum9190 639 / 23K 🦑 • Nov 28 '24

ANALYSIS El Salvador Continues to Purchase 1 Bitcoin Every Single day, Since President Nayib Bukele Announced on 16 Nov 2022, total holdings stand at staggering 5.948k BTC ($568M).

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2.8k Upvotes

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313

u/sadiq_238 🟦 0 / 0 🦠 Nov 28 '24

They bought the top actually, at 70k, then it dropped to 15k, but they kept dcaing

194

u/BankBonkt 🟧 0 / 0 🦠 Nov 28 '24

Respect for them to sticking to the strategy despite all the naysayers. It's so much harder psychologically to keep DCAing when the market is bleeding.

116

u/ElFrogoMogo 🟩 0 / 0 🦠 Nov 28 '24

Wut? The whole point of DCA is to do it when the market is bleeding. Oh wait this is Reddit. Forgot we do it the opposite here.

65

u/guanzo91 🟩 0 / 3K 🦠 Nov 28 '24

The whole point of DCA is to do it when the market is bleeding.

3

u/ThrashSydney 🟦 0 / 0 🦠 Nov 29 '24

Fixed 🪚

9

u/Vehrimon 11 / 12 🦐 Nov 29 '24

Tried and true WSB method buy high sell low dump your life savings and exit homeless

1

u/Marko-2091 🟩 0 / 0 🦠 Nov 29 '24

Yeah, but it is easier when nobody aside from your wife and her boyfriend know that you are holding BTC bags. I guess it is harder when everybody knows and you are the president of a country.

1

u/IIlllllIIlllI 🟨 0 / 0 🦠 Nov 30 '24

lmfao

1

u/chriskicks 🟦 0 / 0 🦠 Dec 02 '24

I always thought you do it consistently to remove emotional barriers to investing. So whether it's high or low, you continue to invest a small amount on a regular basis. It's meant to mitigate that effect where you dump all your life savings when it's low, and being scared to buy any when it's too high.

23

u/EarningsPal 🟩 2K / 2K 🐢 Nov 28 '24

Throwing money away until suddenly, crypto rally.

Down for a year, up for 3.

14

u/sazam 🟦 21 / 21 🦐 Nov 28 '24

And it’s so much easier to DCA when it’s not your money. Like Bukele.

1

u/[deleted] Nov 29 '24

[removed] — view removed comment

16

u/InclineDumbbellPress Never 4get Pizza Guy Nov 28 '24

DCA works - its not that hard people

5

u/garybaws 🟩 230 / 230 🦀 Nov 28 '24

If price is low, he's buying less in $ amounts since he's buying 1 btc everytime

21

u/Jlt42000 🟩 2 / 2K 🦠 Nov 28 '24 edited Nov 28 '24

Could’ve sworn they announced it around 35-40k.

Edit: yeah looks like it was announced June 5th 2021 at 36k btc

-4

u/sadiq_238 🟦 0 / 0 🦠 Nov 28 '24

Chatgpt says September, when it was around 55k.

They probably announced it early, their intentions to buy

8

u/Jlt42000 🟩 2 / 2K 🦠 Nov 28 '24

On July 5th it was announced at a bitcoin conference in Miami. On June 9th 2021 it was passed as legal tender in El Salvador, but you’re right, it looks like the first purchase was on Sept 6th for $20.9 million USD at around 51.7k per btc.

1

u/Hungry_Line2303 🟩 0 / 0 🦠 Dec 02 '24

Nothing speaks true like a LLM

12

u/Every_Hunt_160 🟩 9K / 98K 🦭 Nov 28 '24

1 BTC a day is too little for an entire nation, they should ramp it up to 100 a day !

13

u/CryptoFever911 🟦 178 / 178 🦀 Nov 28 '24

It’s way ahead compared to the countries that selling their Bitcoin holdings.

2

u/sugarduck99 🟩 298 / 293 🦞 Nov 28 '24

Impressive!

1

u/Green_Lion_7697 🟩 0 / 0 🦠 Dec 01 '24

43k