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Home»ADOPTION NEWS»El Salvador’s president said he had transferred $400 million worth of Bitcoin holdings to a new ‘cold wallet’.
ADOPTION NEWS

El Salvador’s president said he had transferred $400 million worth of Bitcoin holdings to a new ‘cold wallet’.

By Crypto FlexsMarch 15, 20242 Mins Read
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El Salvador’s president said he had transferred 0 million worth of Bitcoin holdings to a new ‘cold wallet’.
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Policy • March 14, 2024, 10:58 PM EDT

Posted 1 minute ago In ~

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%
Put it in a cold wallet and store that cold wallet in a physical safe within our country,” he said. Added.

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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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