Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
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 moves $400 million worth of bitcoin holdings to new 'cold wallet,' president says image 0

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.


1

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

DIA launches testnet for Lumina, a new modular oracle

Lumina introduces transparency and permissionless integration via an OP stack-based optimium, challenging traditional oracle designs

Blockworks2024/11/27 18:22

Non-USD stablecoins can spur adoption: Report

Cointelegraph2024/11/27 17:55

Are Charles Schwab spot crypto ETFs coming?

The conditions Charles Schwab is waiting for before jumping headfirst into crypto could take shape soon

Blockworks2024/11/27 17:55