El Salvador's president Nayib Bukele decided to buy the Bitcoin (CRYPTO: BTC) dip and acquire 500 BTC, setting an example that was followed by another prominent industry figure.
What Happened: In a Tuesday tweet, Tron (CRYPTO: TRX) founder Justin Sun wrote that the Tron decentralized autonomous organization (DAO) reserve "echoed" El Salvador's president's decision and acquired 500 BTC at an average price of $31,031 for a total of $15.5 million. The Tron DAO Reserve explained that the measure aims "to safeguard the overall blockchain industry and crypto market."
See Also: How To Earn Free Crypto
The Tron DAO Reserve was founded in late April to "prevent panic trading caused by financial crises, and mitigate severe and long-term economic downturns." Furthermore, the organization serves as an early custodian for the USDD (CRYPTO: USDD) stablecoin which means that it is tasked with managing its permissions, ensuring price stability and collateralization with its reserves.
Photo: Courtesy of Piskev91 via Wikimedia
