Key Takeaways
- US plans to sell 69,370 BTC seized from Silk Road, worth $6.7B.
- El Salvador recently purchased 18 BTC, increasing reserves to 6,022 BTC.
- Bukele anticipates market dips as a chance to buy Bitcoin at lower prices.
El Salvador’s President Nayib Bukele has hinted at plans to capitalize on potential Bitcoin price drops following the US Department of Justice’s (DOJ) approval of a $6.7 billion Bitcoin sale.
The sale involves 69,370 BTC seized from the Silk Road dark web marketplace.
Bukele’s response
President Bukele, a prominent Bitcoin advocate, shared the news on Twitter, stating:
Maybe we’ll all get the chance to buy Bitcoin at a discount.
The large influx of Bitcoin into the market could trigger price volatility, creating opportunities for buyers.
Recent purchases
At press time, Bitcoin was trading at $93,360, down 2.1% in the past 24 hours. Despite the dip, El Salvador has continued its Bitcoin acquisition strategy.
Recent reports show the country purchased 18 BTC in the past week, including 11 BTC on January 9, bringing its total reserves to 6,022 BTC, valued at approximately $557 million.
Policy changes
Since adopting Bitcoin as legal tender in 2021, El Salvador has consistently grown its reserves.
Last month, the nation amended its Bitcoin Law, making BTC acceptance voluntary for merchants as part of a $1.4 billion credit agreement with the International Monetary Fund (IMF).
Future strategy
With the US sale potentially causing short-term market disruption, Bukele appears determined to bolster El Salvador’s holdings during price corrections, underscoring the country’s long-term commitment to Bitcoin.
