El Salvador is Back to Purchasing Bitcoin Amid Bearish Market

El Salvador President and Justin Sun have decided to accumulate bitcoin at a pace of 1 BTC per day

President of El Salvador, Nayib Bukele, and founder of Tron cryptocurrency Justin Sun have decided to accumulate bitcoin at a pace of 1 BTC per day. The price of bitcoin has increased over 5% in the past week, according to Coingecko data. On Wednesday, the Salvadoran president tweeted: "We are buying one #Bitcoin every day starting tomorrow."

The announcement was followed by Tron founder Justin Sun who pledged to mimic Bukele's accumulation strategy. Blue chips at the top of the cryptocurrency market have risen in value over the past week.

Bitcoin (BTC-USD) is up 5% in value over the past seven days, to a subdued $16,534 and Ethereum (ETH-USD) is up 10% in the past week to $1,192. Dogecoin has seen a rise of nearly 15% over the past week to $0.085.

El Salvador started buying BTC in September 2021, right after making it a legal tender. At the time, BTC was in the middle of a bull market and every purchase made by the nation looked lucrative as the price was hitting a new all-time high every other week. However, with the advent of the bear market by the second quarter of 2022, El Salvador's early BTC purchases started to look like a gamble that incurred heavy losses.

According to public records, El Salvador currently holds 2,381 BTC at an average buying price of $43,357. Thus, the country has spent nearly $103.23 million on its BTC purchase and the value of the same BTC currently sits at $39.4 million.