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Salvadorian president Nayib Bukele announced that the country moved a substantial amount of its Bitcoin (BTC) to a cold wallet.
We've decided to transfer a big chunk of our #Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory.
You can call it our first #Bitcoin piggy bank 🇸🇻
It's not much, but it's honest work 😂 pic.twitter.com/dqzedykxT1— Nayib Bukele (@nayibbukele) March 14, 2024
Meanwhile, the “big chunk” of their Bitcoin balance on the cold wallet represents El Salvador’s first BTC piggy bank. Bukele added that they stored the 5,689.69 Bitcoin tokens in the country’s physical vault.
The amount sent to the address was worth approximately $407 million, according to press time Bitcoin prices. That is more than double the public trackers’ estimate of $200 million in digital coins.
Nayib Bukele has been an active player in the crypto space, occasionally commenting on the nation’s soaring BTC returns and new purchases. However, the difference is the President linked the tokens to a specific wallet in the recent reveal.
El Salvador legalized Bitcoin as a legal tender in 2021 and has purchased Bitcoin periodically since. Recently, the country re-elected the pro-crypto President for another term in a landmark win.
El Salvador and its Bitcoin investment
The country has seen remarkable returns from its crypto venture following the recent crypto market rallies.
Bitcoin has maintained bullish actions since early 2024, surging over 30% within the past month to current value of $68.5K
BTC 30D Chart on Coinmarketcap
Bukele continued to celebrate their crypto returns amid surging prices, even slating those who slammed their move to adopt cryptocurrency. Moreover, financial experts believe El Salvador can use its BTC returns to settle its International Monetary Fund (IMF) debt.
The post El Salvador transfers Bitcoin (BTC) worth over $400M to a cold wallet appeared first on Invezz
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