President Nayib Bukele suggested that El Salvador might procure Bitcoin at reduced rates, in response to the U.S. administration’s plan to offload $6.7 billion worth of Bitcoin.
The U.S. Department of Justice has given its green light for the auctioning off of Bitcoins that were confiscated from the Silk Road, an underground online marketplace.
President Bukele Targets Bitcoin Deals as Prices Dip
More recently, the U.S. authorities have given approval to sell off 69,370 Bitcoins that were confiscated from the well-known illegal platform, Silk Road. While this large influx of Bitcoin into circulation could potentially stir up fluctuations in prices, it may also present profitable buying chances for shrewd investors who are able to seize these opportunities.
President Bukele of El Salvador expects this very situation. He thinks that an increase in the availability of Bitcoin on the market might lead to reduced prices, providing an opportunity for his government to acquire more Bitcoin at a cheaper cost.
Perhaps, we might have an opportunity to purchase Bitcoin at a reduced price,” Bukele implied in his tweet after sharing the news about the US selling Bitcoin.
At the moment of reporting, Bitcoin was being exchanged for approximately $93,360, representing a decrease of 2.1% over the last day. This decline is troubling because Bitcoin surpassed the $100,000 mark only two days prior.
It seems that El Salvador has consistently purchased Bitcoin in the new year. As per recent figures, they acquired more than 18 Bitcoins in the last week, spending approximately $1.71 million. On January 9th specifically, they bought 11 Bitcoins.
Starting from 2021, El Salvador has taken a leading role in supporting Bitcoin, and it even declared the cryptocurrency as legal tender within its borders. The country has progressively amassed Bitcoin reserves, with a total of 6,022 Bitcoins currently held. At present, these Bitcoins are valued approximately at $557 million.
As a crypto investor, I’m excited about President Bukele’s commitment to expanding El Salvador’s Bitcoin holdings. He’s always on the lookout for favorable market conditions where we can snag some Bitcoin at a reduced price.
In the past month, the Bitcoin Law of El Salvador underwent modifications. This change was made in accordance with an arrangement with the International Monetary Fund (IMF), which provided them with a $1.4 billion loan facility.
El Salvador announced that they would allow businesses to accept Bitcoin at their own discretion instead of requiring it, in response to the International Monetary Fund’s worries about Bitcoin’s fluctuating value.
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2025-01-09 20:10