El Salvador President to "Buy 1 Bitcoin Daily," Justin Sun Joins In

After a period of silence, El Salvador's President Nayib Bukele has resurfaced in the crypto space with a renewed call to "buy Bitcoin."

On November 17, President Bukele announced on Twitter that his country will resume its Bitcoin purchasing strategy, acquiring an additional 1 BTC daily starting tomorrow. The duration of this new buying initiative has yet to be disclosed.

Bukele did not specify the reasons behind the decision to restart Bitcoin purchases. The last time this Latin American nation invested in the leading cryptocurrency was on July 1, 2022.

El Salvador and President Bukele gained prominence in 2021-2022 as leading advocates for Bitcoin adoption. After officially recognizing BTC as legal tender in September last year, Bukele's administration made several investments in Bitcoin, totaling 2,381 BTC.

See also: El Salvador Adopts Bitcoin as Legal Tender – A Year in Review

Historical Bitcoin Investments of El Salvador. Source: Nayib Tracker

However, as the cryptocurrency market shifted, El Salvador's BTC investments were significantly impacted, suffering a 63% loss in value. The average purchase price for El Salvador was as high as $45,000 per BTC.

In response, crypto mogul Justin Sun, rumored to have recently spent $1 billion to acquire the Huobi exchange, voiced support for Bukele's call and announced that the TRON DAO Reserve will also buy 1 BTC daily. The TRON DAO Reserve is the fund backing the USDD stablecoin created by Justin Sun in May.

Recently, President Bukele also addressed rumors that El Salvador's Bitcoin holdings were stored on the now-bankrupt FTX platform, which had locked up significant amounts of funds from both users and large institutions.