MARA CEO Fred Thiel Said About A Month Ago That Nations Have Begun To Stockpile Bitcoin — Here's What The Data Actually Shows

MARA Holdings Inc. MARA CEO Fred Thiel stated about a month ago that countries were loading up on Bitcoin BTC/USD to offset the impact of a weaker dollar. But has this been the case?

What happened: During an interview with entrepreneur and investor Anthony Pompliano dated April 29, Thiel stressed the strategic importance of the U.S. front-running other countries in creating a strategic reserve of Bitcoin.

Thiel argued that the U.S. government intends to “inflate away the debt” by devaluing the dollar.

"The bulk of foreign countries' reserves are in dollars. If the U.S. is going to take the dollar and devalue it, the last place they want to be is holding a bunch of dollars that are getting worth less every day," he said.

He added that countries have recognized this, and even those who were previously skeptical have started loading up on Bitcoin.

See Also: From Warren Buffett’s Berkshire Hathaway To Jeff Bezos’ Amazon — Bitcoin Is Now Outshining These Wall Street Titans

While it's true that countries have ramped up efforts to make their jurisdiction Bitcoin-friendly, the claim about BTC purchases is debatable.

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Around 12 nations were confirmed to hold Bitcoin as of this writing, according to bitcointreasuries.net. However, El Salvador stands out as the only country to make direct Bitcoin purchases. The Central American nation bought 31 BTC over the last month, aligning with its policy of acquiring 1 BTC per day.

Bhutan relied on state-funded mining operations to accumulate Bitcoin. Interestingly, the Himalayan nation reduced its BTC holdings over the last month, according to blockchain analytics firm Arkham.

Price Action: At the time of writing, BTC was exchanging hands at $109,698.08, down 0.31% in the last 24 hours, according to data from Benzinga Pro.

Shares of MARA were up 3.05% in pre-market trading after closing 5.88% lower at $14.73 during Friday’s regular session. Year-to-date, the stock has plunged 12.11%.

MARA reported low momentum and growth scores as of this writing. To find out how other Bitcoin-mining firms stack up on these parameters, visit Benzinga Edge Stock Rankings.