El Salvador, one of the pioneer countries in establishing a bitcoin reserve and the first to enact bitcoin as legal tender, is under scrutiny due to its alleged bitcoin purchases. While President Bukele has stated that his administration will “never stop” buying bitcoin, on-chain data suggests that the country might be shuffling bitcoin from its addresses.
On September 9, Sani, founder of the Time Chain Index platform, found evidence of what he called “ bitcoin recycling” processes. Sani pointed out that 3KhF5JyMkTtViu2jnp5rffedQbVjydRYKC, a BTC address linked to El Salvador’s alleged purchases, withdrew 63 BTC from Binance, the exchange associated with these transactions.
Sani revealed that there were transactions from this address to Binance and then subsequent withdrawals from Binance to El Salvador’s own addresses. On September 07, when Bukele himself announced that the country was acquiring 21 BTC to celebrate Bitcoin Day, Sani explains that the address directly sent 21 BTC to the country’s addresses.
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Meliuz, a pioneer in establishing a bitcoin strategic reserve in Latam, has unveiled a new strategy to keep acquiring bitcoin with a low-risk approach. The company will implement a new, options-based strategy that will leverage these derivatives and bitcoin’s volatility to enlarge its over 600 bitcoin stash.
According to local media, Meliuz will start selling put options with specific strike prices. For example, if Meliuz sells options contracts with $95,000 as the strike price and bitcoin goes over that number, the company retains the premium after the contract is executed.
In opposition, if the bitcoin dives under the strike price, Meliuz will have to purchase more BTC at that strike price. Nonetheless, as the objective is to accumulate more bitcoin, the company estimates there would not be a strategic loss associated with the operation.
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The Central Bank of Uruguay is undertaking a deep restructuring that will include an analysis of a potential digital-currency implementation in the country’s economy. According to local media, this process started last August, when the institution removed Adolfo Sarmiento, the manager of economic policy and markets, from his position, without clarifying the reasons behind this move.
Most recently, the bank reported that Sarmiento’s removal was part of a “new governance, following international best practices, with the proposed creation of the position of Chief Economist as well as a General Management.”
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