On March 25, news surfaced on the internet about Nilam Resources, a South American gold mining stalwart, announcing a strategic shift towards Bitcoin. It detailed an ambitious acquisition of MindWave, which holds a staggering 24,800 BTC, among other assets.
However, Bitcoin analyst Tuur Demeester condemned the news as a “stunt from a dying penny stock.” Likewise, broadcaster and filmmaker Max Keiser said the news looked like a “pump and dump.”
The deal was supposed to mark a billion-dollar leap into cryptocurrencies involving Nilam Resources issuing a newly authorized Preferred Class of Series C Stock. These were to be exchanged for the 24,800 BTC at a rate discounted from the current market prices.
Nonetheless, the news has been debunked by several key industry leaders, and some news outlets have decided to pull it off. This latest “stunt” reflects the need for due diligence in a market ripped with speculation.
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