El Salvador announces they will be buying 1 Bitcoin a day for the foreseeable future

On November 17, 2023, El Salvador under the leadership of President Nayib Bukele, began the practice of purchasing one Bitcoin every day.

The daily purchase strategy was a form of dollar-cost averaging, a technique often used by investors to build a position in an asset over time. By buying a fixed dollar amount of Bitcoin every day, El Salvador aimed to reduce the impact of volatility on the overall investment. This approach also removed the emotional aspect of investing, as purchases were made regardless of the day-to-day movements in price.