- El Salvadoran President previously unveiled 5,689 BTC in a new cold storage.
- Nayib Bukele’s previously known tracking devices had shown twice as less.
- Mr. Bukele’s cryptic reply on X explains the origin behind the extensive stash.
El Salvadoran President Nayib Bukele sent shockwaves across the cryptosphere by unfolding a cold storage cryptocurrency wallet address. Whilst the transparent move to make the crypto wallet available for on-chain tracking was praised by many blockchain enthusiasts on Twitter, one huge difference between the previous public trackers and the disclosed BTC holdings has raised eyebrows among attentive crypto aficionados.
According to the screenshot, El Salvador’s Bitcoin (BTC) holdings consist of a colossal 5,689.68 BTC, valued at over $406 million at stamped deposit time. Whilst this huge amount of Bitcoin is now being kept in a super-secure residence somewhere in El Salvador, popular cryptocurrency tracker NayibTracker has only indicated half as much, 2864 Bitcoins (BTC), in Bukele’s custody.
Donations Flow In El Salvador’s Cold Bitcoin Inventory
As later confirmed by Arkham Intelligence, the extravagant President’s publicized cold storage crypto wallet address indeed holds 5.69K Bitcoin, which devalued $20 million over the past 24 hours. Whilst Nayib Bukele didn’t respond to a comment request from DailyCoin in regards to the origin of the additional Bitcoin (BTC) funds, independent research has shown a tsunami of Bitcoin inscriptions, popularly known as Ordinals, arriving at the President’s cryptocurrency wallet.
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As Nayib Bukele posted the screenshot with a QR code, some crypto enthusiasts took their chance to leave a mark in El Salvador’s brave Bitcoin path and sent digital relicts, as well as Bitcoin (BTC) donations. However, most of these crypto donations are on a small scale and are unlikely to influence the Latin American country’s holdings in a major way.
On the other hand, El Salvador’s freshly-elected President Nayib Bukele started his second term with a new law related to income tax elimination for international transfers, which is favorable for technology startups. The power to do that might have come from other Bitcoin-linked sources of income.
Here’s Why El Salvador’s BTC Stash Is Larger Than Expected
Last Wednesday, Nayib Bukele responded to a comment by popular crypto influencer Crypto Rover, who congratulated El Salvador on making a $83 million profit from its Bitcoin (BTC) investments, dating back to 2021, when the country officially adopted BTC as legal tender.
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In the tweet, Mr. Bukele clearly stated that El Salvador had received substantial income from the Bitcoin-powered Freedom Visa passport program, enabling foreign crypto enthusiasts to join the revolutionary movement El Salvador. Another important source of income is Bitcoin mining. In a crusade to become one of the globe’s top crypto mining players, El Salvador has pledged to create a complex of mega Bitcoin mining farms with a capacity of 241 MW.
Rich in natural renewable energy, El Salvador plans to employ Volcanoes for this deed, as well as other natural resources to provide cheap electricity for the residents. Additionally, Nayib Bukele listed revenue from governmental services and local businesses conversion from fiat to BTC as the other two income sources. Whilst exact amounts of BTC made from these activities are yet to be determined, El Salvador’s 5.69K BTC stash has already contributed towards improvement in the small Latin American country, as well as brought much needed publicity.
On the Flipside
- Most of the deposits via multi-sig wallet have come from Bitfinex, which is an official partner in El Salvador’s road to a Bitcoin-based economy.
Why This Matters
Despite being a long-term Bitcoin proponent, this is the first time Nayib Bukele tied El Salvador’s Bitcoin ventures to a specific crypto wallet address.
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