El Salvador Reveals Hidden Bitcoin Reserves: Shifts $400M to Cold Storage

In a groundbreaking move that has sent ripples through the financial world, El Salvador has significantly increased its Bitcoin reserves. President Nayib Bukele announced this week that the nation has transferred over 5,000 BTC into a secure cold wallet, nearly doubling its digital assets to a staggering value of $400 million.

The move was disclosed in a post on X (formerly Twitter), where President Bukele proudly dubbed the new setup as “our first #Bitcoin piggy bank.” The cold wallet, which now contains 5,689.68 BTC, is securely stored in a physical vault within El Salvador’s national territory. This strategic decision showcases the country’s commitment to integrating Bitcoin into its financial infrastructure.

El Salvador’s Bitcoin treasury, now valued at approximately $411 million, surpasses previous estimates. Public trackers had pegged the nation’s holdings at under 3,000 BTC, or $205 million. This revelation follows President Bukele’s hints earlier in the week about the country’s innovative methods of acquiring Bitcoin, including selling passports, facilitating currency conversions for businesses, mining operations, and government services.

The Central American nation has been a pioneer in the adoption of Bitcoin, becoming the first country to recognize it as a treasury asset in September 2021. At that time, the price of a single Bitcoin was around $52,000. The value has since soared, with prices on Thursday reaching over $72,000, and fluctuations in the past 24 hours hitting highs above $73,000 and lows around $68,000.

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