El Salvador continues to buy Bitcoin or is it just President Bukele's "magic trick"?
El Salvador – the first country to legalize Bitcoin – is causing controversy again by announcing the purchase of
$BTC , while the IMF asserts that the government has not increased its Bitcoin reserves.
President Nayib Bukele had committed to buying 1 BTC/day since 2022, and even recently announced spending 2.3 million USD to buy 21 BTC in celebration of the 4th anniversary of the "Bitcoin Law". According to blockchain data, the government wallet
#ElSalvador still consistently increases by 1 BTC/day, with inflows from exchanges like Binance, Bitfinex, and Coinbase.
However,
#IMF reported that the total amount of BTC held by the government has not increased, but is merely an internal transfer between wallets. Some experts suggest that the government might only be “moving” previously purchased BTC, or using BTC sourced from taxes and transactions, instead of making new purchases.
This raises suspicions: Is Bukele really buying more Bitcoin or just creating an illusion through wallet transfer transactions? Blockchain analysis companies argue that it is impossible to determine for sure because transaction data on exchanges is not publicly available.
Nevertheless, Bukele insists: “The purchase of Bitcoin has never stopped and will not stop in the future.”
⚠️ The crypto market is highly volatile and significantly influenced by political and legal factors. Investors need to be cautious when monitoring information from governments and international organizations.
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