- Nilam Resources, a mining company, recently filed an LOI that would allow it to acquire large amounts of BTC.
- Bitcoin reacted positively, but sentiment continued to deteriorate.
South American gold miner Nilam Resources has announced that it will acquire 100% of the common shares of a “special purpose vehicle” and purchase 24,800 Bitcoin [BTC] about this, according to a memorandum of understanding published on March 26th.
I bet everything on BTC
Pursuant to its letter of intent, the company has entered into an LOI with Xyberdata Ltd to secure 100% equity in the common shares of a special purpose vehicle called MindWave.
The company will also own other undisclosed digital assets, and the acquired digital assets will serve as collateral to secure capital for future projects it undertakes.
Explaining its intention, Nilam Resources partnered with prominent global companies like MicroStrategy that have made a name for themselves by investing in BTC.
Additionally, the company highlighted the ongoing upswing of the crypto market, calling Bitcoin the “gold standard” and the future of digital transactions.
BTC sees green
This development has proven to be extremely beneficial for Bitcoin as its price has increased significantly in the last few hours and has reached the price level of $70,000 again.
According to AMBCrypto's analysis of Santiment's data, there has been an increase in the King Coin's social volume in the last few days. This suggests that the general interest in Bitcoin in the social space has increased.
However, there was a decline in weighted sentiment during this period. This indicated that despite the price and popularity surge, a large majority of people were skeptical about BTC's recent rise.
Read Bitcoins [BTC] Price prediction 2024-25
This negative sentiment towards Bitcoin could affect BTC's ability to recover in the future, especially as BTC approaches its all-time high of $73,750.07.
This negative sentiment and uncertainty could continue until the highly anticipated halving occurs.
Source: Santiment
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