El Salvador's President: US Bitcoin Sale as a Discount Buying Chance

user avatar

by Giorgi Kostiuk

2 years ago

El Salvador's President Nayib Bukele views the US government's plan to sell 69,370 Bitcoins as a favorable opportunity to purchase the cryptocurrency at a reduced price.

US Government Bitcoin Sale

The US Department of Justice recently received permission from a federal judge to sell over 69,000 Bitcoins seized from the Silk Road dark web marketplace. El Salvador's President Nayib Bukele noted in a tweet that this could allow for Bitcoin to be bought at a discount, as the sale might bring down market prices.

Maybe we’ll all get the chance to buy Bitcoin at a discount.

El Salvador's Bitcoin Strategy

El Salvador has built up significant Bitcoin reserves since making it legal tender in 2021. As of today, the country holds 6,022 Bitcoins, amounting to approximately $557 million. The Bukele administration continues to buy Bitcoin, especially when prices drop. In the first week of 2025, the country added 18 Bitcoins, with 11 bought on January 9.

Future Plans

El Salvador's strategy is to buy more Bitcoin when prices decline, viewing it as a long-term investment. However, this approach changed following a deal with the International Monetary Fund (IMF), allowing businesses to choose whether to accept Bitcoin. Despite this, the US selling a large amount of Bitcoin does not deter Bukele, who plans to continue investing in Bitcoin as a valuable asset for the country.

The US government's plans to sell a large volume of Bitcoin may lead to market volatility, yet this does not deter El Salvador's President from investing in cryptocurrency. Bukele believes current conditions can be leveraged to expand the country's reserves.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.