- El Salvador sets up the country’s inaugural BTC ‘piggy bank.’
- The cold storage BTC wallet is kept on El Salvador’s premises.
- Crypto aficionados send miscellaneous donations to the address.
El Salvador, the country pioneering Bitcoin (BTC) adoption, has made yet another brave move, as revealed by President Nayib Bukele. Using a cold storage device, El Salvador’s government transferred 5,689 BTC to a physical vault somewhere in the nation’s territory.
This enables El Salvador to stash its BTC in a physical vault that is not dependent on the Internet and isn’t susceptible to hacking attacks. The decision to move a “big chunk” of El Salvador’s Bitcoin holdings also bolsters transparency and enhances the Central American country’s credibility.
According to a screenshot shared on X by the re-elected President Nayib Bukele, the BTC was estimated to be worth $406,607,655 at stamped transaction time. The wallet address 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo is now fully trackable on the blockchain.
Sponsored
“It’s not much, but it’s honest work,” adds Bukele, as his country’s BTC holdings recently reached an $85 million profit as his second presidential term kicks in. The on-chain stats hint at El Salvador using a multi-sig wallet to conduct the transactions, as the first deposit of 1,120 BTC was made on March 13, 2024, and it needed four signatures for the on-chain transfer to be carried out.
El Salvador’s Cold Wallet Receives Fan Donations
Soon after Bukele posted the message, Bitcoin aficionados took the opportunity to lavish El Salvador with a flurry of non-fungible tokens (NFTs), including Bitcoin Ordinals and Satoshi inscriptions. El Salvador’s official cold wallet now owns 67 BTC inscriptions, ranging from cat-themed NFTs to the Cypherpunk Manifesto and a 3D runestone.
The generous donations from the crypto community haven’t been left unnoticed, as Gerson Martinez, a member of the strategist team at the Volcano Energy project, remarked: “Gotta love bitcoiners, Donations rolling into El Salvador’s cold wallet.” While the Bitcoin wallet continues to receive Satoshis and BRC-20 inscribed digital relics, the country’s cold wallet balance has dipped by $23 million to $383,736,369 after Bitcoin’s 7% market correction this Friday.
On the Flipside
- El Salvador’s decision to adopt Bitcoin (BTC) nationwide has led to credit score downgrades from global financial regulation institutions, including multiple warnings from the International Monetary Fund (IMF).
- The move to showcase the BTC holding draws attention to the quality control of El Salvador’s financial collateral ecosystem, which could make financial institutions more lenient regarding credit scores.
Why This Matters
El Salvador is at the forefront of worldwide blockchain technology adoption, becoming the first country to accept BTC as legal tender in September 2021.
Sponsored
Discover DailyCoin’s top crypto news:
Binance Celebrates Women’s Academy Success in IWD Redemption
PEPE, Solana’s WIF Score Fresh ATHs: Are Bulls Here To Stay?
