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El Salvador, after President Nayib Bukele shared the Central American country’s digital wallet address with the public, received Bitcoin donations. On March 14th, Bukele announced on social media platform X that the country had “transferred a large part of Bitcoin to a cold wallet and stored this cold wallet in a physical vault within our national territory”.
El Salvador’s Bitcoin Wallet
The address described by Bukele as the country’s “first piggy bank” shows that the government owns 5,689 BTC, equivalent to $383 million, according to BitInfoCharts data.
This statement reveals a much larger Bitcoin treasure for El Salvador than previously estimated. Public trackers like Nayibtracker and Bitcoin Treasuries had previously pegged the country’s assets at 2,864 BTC, worth $193 million.
However, in line with President Bukele’s recent statements, it appears that a significant fortune is being highlighted, emphasizing not only purchases but also various income streams. These income streams include Bitcoin earnings from citizenship sales, foreign exchange transactions for local businesses, mining activities, and other undisclosed government services.
Long-Term Cryptocurrency Strategy
President Bukele also continually reaffirms El Salvador’s commitment to holding Bitcoin reserves, signaling a long-term steadfast commitment to its crypto strategy. Following these statements, crypto enthusiasts praised the country’s move and quickly began sending small amounts of Bitcoin and rare Ordinals to the wallets.
Tether CEO Paolo Ardoino stated that El Salvador has a bright future that other countries do not possess, highlighting the country’s security, growth, economy, and capabilities.
Femi Longe, a crypto stakeholder from Nigeria, expressed his eagerness for a future where “African countries hold a portion of their national reserves in Bitcoin.”
According to BitInfoCharts data, the Central American country’s Bitcoin wallet has received more than $1000 in Bitcoin donations in the last 30 transactions. According to Ordiscan, the wallet contains 67 Ordinals, BRC-20 tokens, textual inscriptions, images, and other elements.
