We’ll keep buying Bitcoin “until it’s out of reach”

The daily BTC purchase program, launched more than a year ago by El Salvador President Nayib Bukele, will continue “until Bitcoin becomes unattainable for fiat currencies.”

this was Message Which the President wrote in an X post last Friday, in which he also shared a link giving an overview of the transactions related to that day.

Data from the Nayib Bukele Portfolio Tracker site, which shows a record of all purchases announced by the government since 2021, indicate that with the 1 BTC per day purchase strategy, the government of El Salvador has already has acquired approximately 487 bitcoins, At the current exchange rate this amount is said to be approximately US$33 million.

As reported by CriptoNoticias, it was on November 17, 2022 when Bukele made a commitment to buy one Bitcoin a day. He said on that date that part of the purchase would be A new accumulation strategy of cryptocurrencies, amid the decline that the market was experiencing at the time.

From that date to today, the price of BTC has increased by more than 400%. This means that the purchase amount is gradually increasing every day and recently reached more than US$68,000 per unit. Thus the 487 BTC purchased daily He made a profit of 118%Equivalent to US$17.9 million.

Average price of each Bitcoin purchased daily by the Salvadoran government This is US$31,134, Let’s keep in mind that, when the daily buying program was implemented, the digital currency was valued at around US$16,000, which was one of the lowest periods of the long-running crypto winter that spanned that entire The year had affected the market.

Bukele’s Bitcoin buying strategy, reinforced with acquisitions of 1 BTC per day, is a way to accumulate more coins. regardless of purchase price,

The mechanism that seeks to smooth out daily volatility for a long-term strategy is identified as BCA (bitcoin cost average, It works in a similar way to what is known as DCA (dollar cost averaging), but instead of a fixed dollar amount Recurring amounts of bitcoins are earnedAs we have commented in the cryptopedia available in this medium.

In total, since the government began its Bitcoin purchases in September 2021, and at the time of writing this note, El Salvador holds approximately 5,692 BTC, which also includes donations received in recent days.

It is worth remembering that, after a period of losses, El Salvador’s Bitcoin reserves began to register unrealistic gains in late February, when the cryptocurrency exceeded US$42,000 per unit. Such gains have been steadily increasing as the value of the digital currency has been rising in recent weeks, reaching new all-time highs.