El Salvador’s President Nayib Bukele said he had moved “a large chunk” of his Bitcoin holdings into cold wallets.
In a post to X on Friday morning Asian time, Bukele wrote that the cold wallet setup represents the country’s first Bitcoin piggy bank.
“We have decided to relocate a significant portion of our company. Bitcoin BTC
-5.47%
The screenshot he posted shows that the address received 5,689.69 BTC, worth about $406 million at the time of posting. This amount is nearly double the amount previously known from public trackers of the country’s Bitcoin holdings (estimated at $200 million).
Bukele has previously revealed the country’s Bitcoin holdings occasionally on social media whenever purchases were made. The disclosure marks the first time Bukele has linked its holdings in the country to a specific address.
Under Bukele’s leadership, El Salvador adopted Bitcoin as its legal tender in 2021. From that point on, El Salvador also began purchasing Bitcoin on a regular basis.
Last month, Bukele was re-elected to a second term as president.
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