El Salvador Fills Its "Piggy Bank" with $386 Million in Bitcoin

El Salvador, under the leadership of President Nayib Bukele, has recently made headlines by announcing changes in its Bitcoin (BTC) storage on March 14.

The country made a decision to relocate a major part of its BTC holdings into a cold wallet securely stashed in a physical vault within its national territory.

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The cold wallet's balance stands at an impressive $386 million in Bitcoin, showcasing the substantial investment El Salvador has made in the digital currency.

This announcement revealed that El Salvador's Bitcoin holdings are significantly larger than previous estimates. Bukele highlighted that these estimates did not include BTC received from initiatives like the passport program, mining projects, and the conversion of BTC to USD for local businesses.

The excitement and support from the Bitcoin community were immediate, as financial contributions and various Ordinals donations started flowing into the wallet.

Gerson Martínez of Volcano Energy expressed his admiration for the community on X, reflecting the Bitcoiners' spirit of generosity and solidarity:

Gotta love Bitcoiners. Donations rolling to El Salvador's cold wallet.

As the country navigates the complexities of digital finance, its actions continue to attract attention and admiration worldwide, setting a precedent for others to follow.

This is not the first time El Salvador has shown its support for Bitcoin. In December 2023, the country's Legislative Assembly approved a migration law offering expedited citizenship to foreign Bitcoin investors.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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