El Salvador ready to purchase U.S. Bitcoins
El Salvador eyes US BTC auction as Bukele hints at discounted Bitcoin purchase
El Salvador continues its aggressive Bitcoin strategy, with President Nayib Bukele hinting at potential purchases during the US government’s upcoming BTC auction.
The sale involves 69,370 Bitcoin seized from the Silk Road marketplace, presenting an opportunity to buy at a discount.
Key Takeaways
- Bitcoin Opportunity: President Bukele suggests El Salvador may capitalize on the US government’s BTC sale, potentially buying at a discount.
- Steady Accumulation: The nation holds 6,022.18 BTC and recently added 11 BTC worth over $1 million.
- IMF Agreement: Despite securing a $1.4 billion loan, El Salvador maintains its Bitcoin strategy, with purchases continuing and Bitcoin remaining legal tender.
-Future Plans: El Salvador targets 20,000 more BTC acquisitions, reinforcing its ambition to compete as a global Bitcoin leader.
El Salvador’s Bitcoin strategy intensifies
El Salvador continues to expand its Bitcoin reserves under President Nayib Bukele’s leadership. On Wednesday, the nation added 11 BTC worth $1.047 million, marking its third large purchase since late December 2024. The country remains committed to its “buy one Bitcoin a day” strategy, with BTC holdings currently valued at $562 million.
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Senior Bitcoin adviser Max Keiser revealed plans to acquire an additional 20,000 BTC, underscoring the country’s aggressive accumulation.
IMF agreement raises questions, but strategy remains firm
El Salvador recently secured a $1.4 billion loan from the IMF, agreeing to scale back certain Bitcoin-related policies. Legal reforms now make Bitcoin acceptance voluntary for private businesses, while the public sector’s involvement in crypto activities will be restricted.
BTC price dynamics (2022-2024). Source: Statista.com
Despite these changes, Bitcoin remains legal tender, and the government continues to invest. Stacy Herbert, director of El Salvador’s Bitcoin Office, defended the strategy, stating, “We are free to compete to become the number one Bitcoin country.”
Discounted Bitcoin acquisition on the horizon?
With the US government planning to sell 69,370 BTC seized from the Silk Road, valued at $6.5 billion, Bukele hinted at an opportunity to buy Bitcoin at a discount. This aligns with El Salvador’s goal of leveraging market opportunities to enhance its Bitcoin reserves.
Recently we wrote, that El Salvador's cryptocurrency strategy takes another monumental turn.
