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El Salvador relentlessly pursues its Bitcoin acquisition strategy, amassing over 5,690 BTC since November last year, as global whales and the U.S. government also make significant moves in the cryptocurrency domain, highlighting a strategic embrace of digital assets.
El Salvador's Ambitious Bitcoin Strategy: Accumulating Daily Amidst Global Whale Activity
El Salvador continues to purchase one Bitcoin per day, as President Nayib Bukele promised the citizens. Since the project began in November last year, more than 5,690 BTC have been acquired, bringing Bitcoin's total value to $394 million.
Bukele's comments support the general consensus. The Crypto Times reported that Bitcoin whales have been eager to increase their holdings over the last few weeks. According to Santiment's on-chain data, wallets holding between 10 and 10,000 BTC actively accumulated 154,160 BTC, totaling $10.6 billion over the previous five weeks.
Furthermore, whale hoarding and bitcoin purchases are common during the current price surge. MicroStrategy has also completed its debt-financed goal of increasing its current reserve by acquiring more than 12,000 Bitcoins. El Salvador is operationally stable until the price of Bitcoin falls in comparison to fiat money.
U.S. Government: A Major Bitcoin Player with Strategic Hold and Asset Management
The United States government is one of the world's largest holders of Bitcoin, with 210,392 BTC valued at $14.4 billion.
According to CryptoQuant's Ki Young Ju, government entities such as the Department of Justice and the Internal Revenue Service have not sold Bitcoin since July 2023, resulting in a 2.4-fold increase in unrealized profits.
Despite this, Arkham platform analysts claim the government's address contains 215,245 BTC worth approximately $14.8 billion, as well as 50,147 Ethereum, 10.14 million USD Coin, 5.36 million Dai, and 2.27 million Tether.
The public is focusing on government wallets because of concerns about the potential negative impact of a large-scale coin sale on the $2.5 trillion global crypto market.
Recent government actions include transferring Bitcoin from the Silk Road hacker to Coinbase in March 2023, selling 9,861 BTC in April, and announcing plans to sell 2,934 BTC related to the Silk Road case in January. In addition, 15,085 BTC seized from the Bitfinex exchange hacker were transferred in February.
These developments highlight the US government's significant presence in cryptocurrency and its strategic approach to digital assets.
Photo: Microsoft Bing
