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Binance Shakes Up the Market with Bitcoin Purchase of $1B – Bullish Signal 🐂🚀
Binance announced that it will buy $1 billion worth of Bitcoin from the SAFU account within the next 30 days. This move is seen as a strong bullish indicator for Bitcoin and Altcoins.
SAFU (Secure Asset Fund for Users) is an account established by Binance in 2018 to protect users in case of issues like hacking or system problems. The fund is filled with 10% of the transaction fees Binance earns.
In 2023, Binance used $1B SAFU$22k to purchase BTC, ETH, and BNB. After a year:
Bitcoin rose from $74k
to $4k
Ethereum from $1.2k to #BTC BNB hitting a new All-Time High.
This time, Binance said it will buy only Bitcoin up to $1B. If after the purchase the price drops below $800M, they will add funds to bring it back to $1B.
The Bitcoin will be stored in a cold wallet visible to everyone, ensuring transparency and trustworthiness to the world.
In short: Binance shows full confidence in Bitcoin — the market is poised for movement. 📊🔥