Justin Sun, the creator of the Tron cryptocurrency network as well as an ambassador for Grenada, has made the announcement that his company would begin purchasing one Bitcoin (BTC) each day beginning tomorrow.
This comes as the president of El Salvador, which was the first nation in the world to embrace Bitcoin as a form of legal cash, Nayib Bukele, announces on Twitter his government’s recent decision to begin purchasing one bitcoin on a daily basis beginning tomorrow. Justin Sun referred to his tweet and made a commitment to do the same thing. The current value of El Salvador’s bitcoin holdings is around 2,381, with an average purchase price of approximately $43,000 and a loss of almost $54 million.
The method of investing in bitcoin on a predetermined timetable rather than as a direct response to fluctuations in the market is known as dollar cost averaging (DCA). Buyers end up paying less in financial terms for the investment over the long run when using DCA because it eliminates the emotional component of decision-making, whereas the buyers spend more money trying to time the market, so they end up paying more overall for the investment.
The price of Bitcoin has been on a downward trend during the whole of this year, and things haven’t gotten any better lately with the failure of the cryptocurrency exchange FTX. At the time of this writing, one Bitcoin is worth $16,608, which represents a decrease of 1% over the course of the previous 24 hours but an increase of 5.5% over the course of the previous seven days.
In related news, the TRON DAO Reserve has announced that it would purchase 10,000,000 TRX from the market in an effort to preserve the integrity of the whole blockchain sector as well as the cryptocurrency market.
