Latest Acquisition Pushes El Salvador’s Bitcoin Reserves to 5,690, Worth $397 Million
El Salvador’s President Nayib Bukele, a prominent figure in the Bitcoin community, recently made a major move by transferring $400 million worth of Bitcoins to a cold wallet. This transfer nearly doubled the country’s known Bitcoin stash, solidifying El Salvador’s position in the world of crypto and Bitcoin reserves.
President Bukele announced this strategic move on social media, stating that a large portion of their Bitcoin holdings would be transferred to a cold wallet and stored in a physical vault within the country’s territory. Describing it as their “first #Bitcoin piggy bank,” the cold wallet securely stores an astonishing sum of $411 million worth of 5,689 Bitcoins.
Bukele proudly shared a snapshot of the wallet, showcasing the significant increase in El Salvador’s Bitcoin holdings. Previously, the country held only 3,000 Bitcoins valued at less than $205 million. This increase was made possible through meticulous multisig authorisational transfers, ensuring both security and efficiency.
President Bukele’s announcement on social media also highlighted the transparent approach taken by El Salvador in acquiring Bitcoins. The country associates its digital assets with a specific wallet address, aiming to enhance transparency and accountability in managing these assets. Bukele emphasized that El Salvador’s method of collecting Bitcoins is transparent, as they accept Bitcoins in exchange for selling passports, mining activities, government services, and business currency conversions.
The news of El Salvador’s Bitcoin acquisitions and President Bukele’s announcement have attracted global attention. In response to this news, Bitcoiners from around the world have shown their support by sending donations to the wallet address provided. These donations include “rare sats” and Ordinals, as well as BRC-20 tokens, text inscriptions, images, and historical artifacts such as the “Cypherpunk Manifesto.” The influx of contributions from the crypto community reflects their enthusiasm and generosity towards El Salvador’s Bitcoin agenda.
El Salvador’s significant transfer of Bitcoins to a cold wallet represents a bold step towards strengthening the country’s digital asset reserves and promoting greater financial sovereignty in the digital age.