Justin Sun and Nayib Bukele, the president of El Salvador, will buy one bitcoin a day

Key points: 

• Nayib Bukele and Justin Sun agreed to accumulate 1 BTC per day by DCA strategy. 
• DCA is a strategy of buying assets on a set schedule, rather than reacting to market movements. 
• This decision comes as the recent collapse of Sam Bankman Fried’s cryptocurrency exchange FTX could prolong the crypto bear market

Nayib Bukele, president of El Salvador and Bitcoin holder, and Justin Sun, founder of the Tron cryptocurrency network and ambassador to Grenada, decided to increase their Bitcoin holdings at a rate of 1 BTC per day.

“Starting tomorrow, we will be buying one #Bitcoin per day,” Bukele tweeted late Wednesday. Soon after, Sun announced a similar plan to mimic Bukele's stake-building strategy.

The strategy of buying bitcoin on a set schedule, rather than reacting to market movements is known as dollar cost averaging (DCA). The benefit of DCA is that it removes the emotional element of the decision, and in the long run you pay fewer dollars for your investment than the time you spend in the market.

Bukele and Sun’s decision to adopt the DCA strategy comes as the recent collapse of Sam Bankman Fried’s cryptocurrency exchange FTX could prolong the crypto bear market. Analysts fear that Bitcoin could fall to $13,000, already down 76% since hitting an all-time high of $69,000 a year ago.

Last June, El Salvador declared bitcoin legal tender, hoping the cryptocurrency would help resolve long-standing economic woes. Since then, the heavily indebted nation has reportedly purchased 2,381 BTC at an average price of $43,000.

Sun’s Tron DAO Reserve, a community-focused entity supporting the growth of the Tron network, has acquired millions of BTC, Tron’s native token TRX, and Tether (USDT) as collateral for its dollar-pegged stablecoin USDD. As of press time, USDD’s collateral includes 1,404,060,000 BTC, 240,000,000 USDT, 4,42,323,460, and 954,000,000 TRX