El Salvador buying the Silk Road
El Salvador’s President Nayib Bukele is hinting at acquiring some of the Bitcoin seized during the Silk Road takedown, especially with the recent market downturn. Bukele recently responded to a post about the U.S. Department of Justice (DOJ) greenlighting the sale of these seized coins, suggesting it could be a chance to buy Bitcoin at a discount. Despite the recent price drop, Bukele has continued to grow the country’s Bitcoin reserves, purchasing 11 BTC on January 8. El Salvador’s strategy includes a consistent 1 BTC per day acquisition, making it one of the largest Bitcoin dollar-cost averaging programs among nations.
As the DOJ is set to sell nearly 70,000 BTC, President-elect Donald Trump has publicly disagreed, stating that the U.S. government should never sell Bitcoin and should hold onto all of its Bitcoin holdings. The future of the DOJ’s sale remains uncertain, especially with a market shifting toward a distribution phase.
