El Salvador’s Bitcoin Reserves Surpass $397 Million with Latest Acquisition
El Salvador’s President, Nayib Bukele, a well-known advocate for Bitcoin, recently made headlines by transferring $400 million worth of Bitcoins to a secure cold wallet. This move has effectively doubled the country’s known Bitcoin stash, solidifying El Salvador’s position in the world of cryptocurrency and Bitcoin reserves.
President Bukele announced the significant gain on social media, stating that a large chunk of their Bitcoin holdings has been transferred to a cold wallet, which will be stored in a physical vault within the country’s national territory. Calling it their “first #Bitcoin piggy bank,” this cold wallet now holds an astonishing sum of 5,689 Bitcoins, valued at approximately $411 million.
This recent acquisition showcases the exponential growth of El Salvador’s Bitcoin holdings, which previously stood at 3,000 Bitcoins (worth less than $205 million as of Thursday). The transparent approach taken by President Bukele in managing the country’s digital assets includes associating the nation’s holdings with a specific wallet address, enhancing transparency and accountability.
The announcement of El Salvador’s Bitcoin acquisition strategy has attracted global attention, with Bitcoin enthusiasts worldwide sending donations to the country’s wallet address. These donations include rare sats, Ordinals, BRC-20 tokens, text inscriptions, images, and even historical artifacts like the “Cypherpunk Manifesto.” The overwhelming support and generosity from the crypto community demonstrate their enthusiasm for El Salvador’s Bitcoin agenda.
This significant transfer of Bitcoin to a secure cold wallet signifies a bold step towards bolstering El Salvador’s digital asset reserves and promoting greater financial sovereignty in the digital age. President Bukele’s strategic move places El Salvador at the forefront of the cryptocurrency revolution and showcases their commitment to embracing blockchain technology.