El Salvador fills its ‘piggy bank’ with $386 million in Bitcoin
Key Takeaways
- At the initiative of President Nayib Bukele, El Salvador is moving a significant portion of its Bitcoin into secure cold wallets.
- The $386 million balance in cold wallets reveals significant Bitcoin investment in El Salvador, exceeding previous estimates.
- The global Bitcoin community supports El Salvador’s movement through donations.
El Salvador, led by President Nayib Bukele, recently made headlines with the following announcement: Changes in Bitcoin (BTC) storage space March 14th.
The country created one. Decided to transfer a major part of my BTC holdings to a cold wallet that is safely stored in a physical vault. within its own territory.
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The cold wallet balance is impressive. Bitcoin $386 million; It shows the significant investment El Salvador has made in digital currencies.
With this announcement, El Salvador’s Bitcoin holdings increased to Pretty It’s bigger than previous estimates. Bukele highlighted These estimates are BTC received from initiatives such as passport programs, mining projects, and BTC to USD conversion for local businesses are not included.
The excitement and support of the Bitcoin community was immediate. like Financial donations and various ordinal donations It started flowing into my wallet.
Gerson Martinez of Volcano Energy expressed admiration For the X community bitcoin user Spirit of tolerance and solidarity:
Gotta love Bitcoiners. Donations will be delivered to a cold wallet in El Salvador.
As the country navigates the complexities of digital finance, its actions continue to attract attention and praise around the world, setting a precedent for other countries to follow.
This is not the first time El Salvador has shown support for Bitcoin. In December 2023, the country’s legislature approved an immigration bill that would provide expedited citizenship to foreign Bitcoin investors.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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