El Salvador deposited over $5,000 worth of Bitcoin into a cold wallet earlier this week. The amount of the digital asset known to be held by the country has nearly doubled after President Nayib Bukele made the revelation.
future of bitcoin El Salvador's president, Nayib Bukele, announced this week that the country has transferred $400 million - "a big chunk" - of bitcoin {{BTC}} to a cold wallet.
Our first #Bitcoin piggy bank” was how Bukele described the new arrangement in a post on X (previously Twitter).Including a snapshot of a wallet holding 5,689.68 BTC, which is worth $411 million at Thursday’s rates, he added that El Salvador placed the frozen wallet "in a physical vault within our national territory.
With such a large bitcoin treasury, El Salvador's assets are significantly more than what was previously thought. Estimates for the country's hoard remain below 3,000 BTC ($205 million) even as of Thursday, according to public trackers.
The country is acquiring Bitcoin (BTC) from a variety of sources, including mining, government services, currency conversions for businesses, passport sales, and earlier this week, Buckle hinted at.
For the first time, Bukele has linked his country's assets to a particular address, thanks to this discovery. He used to make all his assertions about the extent of his hoard through social media posts, updating occasionally when El Salvador bought more.
In September 2021, when one bitcoin was worth about $52,000, El Salvador was the first nation to buy it as a treasury asset. Although Bitcoin's price has fluctuated between $68,000 and $73,000 in the last day, it was above $72,000 on Thursday.
El Salvador's cold wallet received the on-chain transfers during the past week, with the majority arriving on Thursday. Arkham Intelligence claims that Bitfinex was the primary source of the bitcoin stored in that wallet.
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