Australian are Buying the Dip! Australia’s Bitcoin ETF Sees Notable Inflow
In the face of market volatility, the Australian Bitcoin ETF and El Salvador's actions offer a comparative sentiment 'While others are selling, smart money is accumulating,' An X user Portrayed.
Australians are buying the dip via the Australian Bitcoin ETF. As of August 16, 2024, the Aussie ETF holds 115 Bitcoin, a substantial amount that underscores their commitment to accumulating the digital asset.
The Australian Bitcoin ETF’s actions have sparked excitement within the crypto space. One user on X, the social media platform formerly known as Twitter, exclaimed, “While everyone is selling in a panic, they are acting like smart “hunters” and buying on the low side of the market. Hopefully, their strategy will jump as high as a kangaroo and take us all to the moon.”
Additionally, the optimistic strategy, coupled with the fund’s focus on long-term growth, has inspired confidence within the crypto space, while the Australian Bitcoin ETF channel is a successful example of strategic accumulation.
Australian Bitcoin ETF and El Salvador Accumulate BTC
Further demonstrating the power of strategic accumulation, El Salvador, a nation that has embraced Bitcoin as legal tender, recently mined 474 Bitcoins worth $29 million using its volcano-fueled geothermal power. This action, mirroring the Australian Bitcoin ETF’s approach, signals a long-term commitment to the digital asset.
In the face of market volatility, the Australian Bitcoin ETF and El Salvador’s actions offer a comparative sentiment: ‘While others are selling, smart money is accumulating,’ an X user depicted.
Back in May 2024, El Salvador’s ambitious foray into Bitcoin mining, fueled by geothermal energy from the Tecapa volcano, generated significant attention and controversy.
Since September 2021, the government, under President Nayib Bukele, has utilized 300 processors to mine Bitcoin, leveraging 1.5 MW of the 102 MW generated by the state-owned geothermal power plant. This equates to 473.5 bitcoins, valued at approximately $29 million, mined using this sustainable energy source.
The decision to mine Bitcoin using geothermal energy aligns with the government’s commitment to Bitcoin as legal tender, adopted in 2021. This move sparked criticism from international organizations like the IMF. Moreover, the initiative has also raised concerns regarding the environmental impact of Bitcoin mining, which is known for its energy-intensive nature.
To bolster transparency and address concerns, a consortium of leading cryptocurrency mining pools, including Foundry USA, Ant pool, ViaBTC, F2Pool, and Binance Pool, collaborated to verify the past three years of Bitcoin transactions originating from the El Salvadorian geothermal power plant, as confirmed by the government’s Bitcoin Office. This verification process aimed to assure the public that the country’s Bitcoin mining operations are indeed utilizing sustainable energy sources.
