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El Salvador moves $400 million worth of bitcoin holdings to new 'cold wallet,' president says

El Salvador moves $400 million worth of bitcoin holdings to new 'cold wallet,' president says

The BlockThe Block2024/03/15 03:07
By:The Block

Quick Take El Salvador President Nayib Bukele said the cold wallet is stored in a physical vault in the country. Bukele revealed the wallet address that holds 5,689.69 BTC.

El Salvador has moved a “big chunk” of its bitcoin holdings to a cold wallet, the country's President Nayib Bukele said.

Bukele wrote in a post on X on Friday morning Asia time that the cold wallet setup represents the country’s “first bitcoin piggy bank.”

"We've decided to transfer a big chunk of our Bitcoin BTC -5.03% to a cold wallet, and store that cold wallet in a physical vault within our national territory," he added .

The screenshot he posted alongside showed that the address had received 5,689.69 BTC, worth about $406 million at the time of the post. This amount is nearly double the holdings previously known from public trackers of the country's bitcoin holdings, estimated at $200 million .

Bukele had previously disclosed the country’s bitcoin holdings occasionally on social media whenever purchases were made. The latest disclosure marks the first occasion Bukele has linked his country’s holdings to a particular address.

El Salvador, under Bukele’s leadership, adopted bitcoin as its legal tender in 2021. Since that point, El Salvador also  began buying bitcoin periodically.

Last month, Bukele was re-elected for his second term as president.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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