Is Another Country Besides El Salvador Buying Bitcoin?
Summary
An unknown entity, nicknamed "Mr. 100," has been consistently buying around 100 BTC daily since November 2023, sparking speculation that it could be a nation-state other than El Salvador. The pseudonymous nature of Bitcoin makes it difficult to identify the buyer. The self-custody feature of Bitcoin, which eliminates the risk of asset freezing or confiscation, makes it attractive to nation-states. This potential accumulation by another nation-state adds a captivating twist to the ongoing crypto adoption narrative and further legitimizes the asset class. Despite the speculation, institutions like BlackRock continue to accumulate Bitcoin.
