futurewithcrypto.com
As El Salvador's president nayb, who owns bitcoin, Justin Sun, the creator of the Tron cryptocurrency network and ambassador to Grenada, has chosen to hoard 1 BTC per day.
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“We are buying one #Bitcoin every day starting tomorrow,” Bukele tweeted late Wednesday.
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Shortly thereafter, Sun announced a similar plan, copying Bukele's accumulation strategy.
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The strategy of buying bitcoin at set times rather than reacting to market fluctuations is known as Dollar Cost Averaging (DCA).
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The benefit of DCA is that it takes emotion out of the decision-making process, and over time, you invest less money than you would if you tried to time the market.
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The recent failure of Sam Bankman Fried's cryptocurrency exchange FTX, which has the potential to prolong the crypto bear market
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Analysts worry that bitcoin could drop to $13,000, having already fallen 76% since hitting a record high of $69,000 a year ago.
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El Salvador declared bitcoin as legal tender last June, hoping the cryptocurrency would help solve long-standing economic problems
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Since then the debt-ridden country has bought 2,381 BTC at an average price of $43,000.
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Sun's Tron DAO Reserve, a community-focused body that supports development on the Tron network, has acquired millions in BTC
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