Bitcoin Vault

2024

Bitcoin

Green Bitcoin

Read

<ul>
 <li>El Salvador has been buying 1 Bitcoin daily since 2022, despite initial losses from higher purchase prices.</li>
 <li>Germany reduced Bitcoin holdings by 80%, contributing to recent market declines.</li>
 <li>El Salvador mines Bitcoin using geothermal energy, showcasing innovative energy use in crypto mining.</li>
</ul>
<p>El Salvador’s daily purchases of Bitcoin are in sharp contrast to Germany’s recent sale of its crypto holdings, indicating a major shift in global financial strategies. In a historic decision, El Salvador’s president Nayib Bukele declared the country will buy one Bitcoin per day in November 2022. At the time of the idea’s inception, Bitcoin’s price was around $44,300.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e9-1f1ea.png" alt="🇩🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> While Germany is selling their <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>, El Salvador is buying more Bitcoin every day <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1f8-1f1fb.png" alt="🇸🇻" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/XKnscuxwBA" rel="noopener noreferrer nofollow">pic.twitter.com/XKnscuxwBA</a></p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1811508713619939719?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 11, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Germany, which was formerly a major player in the cryptocurrency industry, has drastically <a href="https://cryptonewsland.com/another-massive-bitcoin-transfer-from-germanys-government-puts-crypto-traders-and-investors-on-edge/" target="_blank" rel="noopener noreferrer nofollow">decreased its Bitcoin reserves</a> to roughly $582 million, an 80% drop from earlier levels. This shift has contributed to a 20% drop in Bitcoin’s market value over the last month, driving up selling pressure.</p>
<p>El Salvador has been <a href="https://cryptonewsland.com/el-salvadors-green-bitcoin-initiative-mining-474-btc-with-volcanic-power/" target="_blank" rel="noopener noreferrer nofollow">using energy</a> from the Tecapa volcano to mine nearly 500 BTC since 2021. The government has been using an isolated 102 MW power facility with a 1.5 MW allocation for cryptocurrency operations.</p>
<p>President Bukele continues to advocate for daily purchases of <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> until its price reaches realistic levels for acquisition. He is firm in his commitment to increase El Salvador’s holdings of the coin.</p>
<p>The International Monetary Fund has warned about the <a href="https://cryptonewsland.com/imf-warns-el-salvador-not-to-increase-bitcoin-exposure/" target="_blank" rel="noopener noreferrer nofollow">potential economic threats</a> to El Salvador that may result from increasing Bitcoin purchase. The IMF has warned that increased reliance on cryptocurrency may have an impact on the country’s economic stability and ability to manage debt, despite current indicators that its implications will be manageable.</p>
<p>As El Salvador navigates the crypto market, Germany’s strategic change highlights the greater uncertainty surrounding digital assets on a global basis. The different approaches taken by these two countries show how the crypto landscape is changing and how various stakeholders react towards cryptocurrencies in the larger financial system.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/el-salvadors-green-bitcoin-initiative-mining-474-btc-with-volcanic-power/" rel="noopener noreferrer nofollow">El Salvador’s Green Bitcoin Initiative: Mining 474 BTC with Volcanic Power</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-advocate-joana-cotar-challenges-germanys-economic-strategy/" rel="noopener noreferrer nofollow">Bitcoin Advocate Joana Cotar Challenges Germany’s Economic Strategy</a></li>
 <li><a href="https://cryptonewsland.com/germanys-top-savings-bank-to-offer-bitcoin-to-clients/" rel="noopener noreferrer nofollow">Germany’s Top Savings Bank to Offer Bitcoin to Clients</a></li>
 <li><a href="https://cryptonewsland.com/el-salvadors-bitcoin-now-secured-in-cold-wallet-and-a-physical-vault/" rel="noopener noreferrer nofollow">El Salvador’s Bitcoin Now Secured in Cold Wallet and a Physical Vault</a></li>
 <li><a href="https://cryptonewsland.com/another-massive-bitcoin-transfer-from-germanys-government-puts-crypto-traders-and-investors-on-edge/" rel="noopener noreferrer nofollow">Another Massive Bitcoin Transfer From Germany’s Government Puts Crypto Traders and Investors on Edge</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/el-salvador-grows-bitcoin-vault-whilst-germany/" rel="noopener noreferrer nofollow">El Salvador Grows Bitcoin Vault Whilst Germany Continues Offloading Its BTC Reserves</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

El Salvador Grows Bitcoin Vault Whilst Germany Continues Offloading Its BTC Reserves

Crypto News Land

Other articles published on Jul 12, 2024

Inaugural Malaysia Blockchain Week MYBW to Kick Off in Kuala Lumpur in July 2024

Bitcoin Crash: Mentougou Payout Threatens Further Downturn With 138K BTC At Stake

Satoshi’s Vision Still Alive: Bitcoin Is Shifting Towards More P2P Payments

Worldcoin Falls Short of 1 Billion User Goal by 994 Million Despite Recent Milestones

SEC’s Secret Bank Exemptions for Crypto Custody: Favoritism or Risk Management?

Bitcoin Fear and Greed Index hit new lows as BTC struggles to break crucial resistance

Join our free newsletter for daily crypto updates!