El Salvador is shining bright on the crypto sky, considering the nation’s support for Bitcoin and financial freedom. Here are the latest reports about the nation’s new moves in this direction.
El Salvador moves $400 million in Bitcoin into cold storage
According to the latest reports, El Salvador has just moved $400 million worth of BTC into a cold wallet this week.
Here’s the post that the President of this nation decided to share on X:
We’ve decided to transfer a big chunk of our #Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory.
You can call it our first #Bitcoin piggy bank 🇸🇻
It’s not much, but it’s honest work 😂 pic.twitter.com/dqzedykxT1
— Nayib Bukele (@nayibbukele) March 14, 2024
As Coindesk noted, a Bitcoin treasury of such a size places El Salvador’s holdings far higher than previously believed.
As of Thursday, public trackers indicate that the country’s Bitcoin reserve is currently less than 3,000 BTC, which amounts to approximately $205 million.
Earlier this week, Buckle hinted at the fact that the country has not only purchased BTC, but has also obtained it through the sale of passports, currency conversions for businesses, mining, and government services.
It is also worth noting the fact that the President said that his nation will be buying Bitcoin until it becomes unaffordable with fiat currencies.
BREAKING: 🇸🇻 El Salvador President says they will buy one #BTC every day “until #Bitcoin becomes unaffordable with fiat currencies.” pic.twitter.com/QDOJ7c7uwj
— Bitcoin Magazine (@BitcoinMagazine) March 16, 2024
Just to refresh your memory, El Salvador became the first country to buy BTC as a treasury asset in September 2021, when a single coin cost around $52,000.
“On Thursday BTC prices were north of $72,000, though in the past 24 hours the asset has traded above $73,000 and as low as $68,000,” Yahoo News notes.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $68,970.