In a striking revelation on March 15, 2024, El Salvador's President Nayib Bukele announced the transfer of the nation's Bitcoin holdings to cold wallets, unveiling a surprising amount that doubles prior estimates.
With approximately $400 million in Bitcoin securely stored, this move marks a significant step in cryptocurrency security and transparency for the country.
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President Bukele Announces Major Transfer to Enhance Security
On March 15, 2024, President Nayib Bukele of El Salvador made a significant announcement regarding the government's Bitcoin (BTC) holdings.
The majority of El Salvador's Bitcoin assets are being transferred to cold wallets for storage within the country's domestic vaults.
A cold wallet, known for its separation from the internet, offers a safer cryptocurrency storage solution by minimizing the risks of hacking and theft.
In this revelation, the government has also disclosed the cold wallet's address and the amount of Bitcoin it holds.
Cold Wallet Address: 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo
Bitcoin Holdings: 5,689.68509200 BTC (approximately $400 million USD)
Reported BTC Holdings Exceed Previous Estimates
The amount of Bitcoin held by the Salvadoran government has been a subject of tracking by the site "Nayib Tracker."
However, the disclosed holdings are about twice the amount previously reported by this tracker, drawing significant attention to the quantity of BTC held.
As of the time this article was written, Nayib Tracker has not yet updated its information and lists El Salvador's Bitcoin holdings as 2,864 BTC (approximately $200 million USD).
Yet, President Bukele has reported holdings of 5,689 BTC (approximately $400 million USD).
By using blockchain explorers to search the newly public BTC wallet address, it's possible to verify the real-time amount of Bitcoin held, making the fluctuations in BTC value a point of interest moving forward.
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