El Salvador’s President Moves Bitcoin Holdings to Cold Wallet
El Salvador's President Nayib Bukele announced a significant move regarding the country's bitcoin holdings, stating that a substantial portion has been transferred to a cold wallet.
According to Bukele, this cold wallet setup signifies El Salvador’s inaugural “Bitcoin piggy bank,” as he revealed in a post on X during Friday morning Asia time.
Bukele explained that the decision entails storing a significant amount of Bitcoin in a cold wallet, securely housed within a physical vault located within the country’s national territory.
Accompanying his statement was a screenshot indicating that the designated address had received 5,689.69 BTC, valued at approximately $406 million at the time of posting. This figure notably surpasses the previously estimated holdings of the country’s bitcoin, which stood at around $200 million based on public trackers.
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Previously, Bukele had intermittently disclosed El Salvador’s bitcoin holdings on social media platforms whenever purchases were made. However, this recent disclosure marks the first instance where Bukele has directly associated his country’s holdings with a specific address.
Under Bukele’s leadership, El Salvador adopted bitcoin as legal tender in 2021 and has since engaged in periodic purchases of the cryptocurrency. Additionally, Bukele secured re-election for his second presidential term last month.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
