El Salvador reportedly spent over $103.23 million on Bitcoin purchases
The recent failure of Sam Bankman Fried's crypto exchange FTX and the prospect of a prolonged bear market in crypto led El Salvador's President Nayib Bukele and the Tron founder Justin Sun to choose the dollar-cost averaging (DCA) method. Analysts are worried that bitcoin's price, which has dropped 76 per cent from its record high of $69,000 one year ago, may fall to $13,000. El Salvador legalised Bitcoin in June of last year, hoping it would help with the country's enduring economic issues. The debt-ridden nation allegedly spent an average of $43,000 since then for 2,381 BTC.