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El Salvador President Nayib Bukele shared a strong message that his country continues to embrace Bitcoin. The Central American country, which came to the fore last year by being the first country to accept Bitcoin as legal tender, has been purchasing 1 Bitcoin every day since November 17, 2022.
“We decided to transfer the bulk of our Bitcoin to a cold wallet and store this cold wallet in a physical vault on our national territory,” Bukele said in a recent statement. He called this strategy “the first Bitcoin piggy bank.”
Bukele also shared another message after this cold wallet application and stated that they transferred the day's BTC to the “piggy bank”. In addition, Bukele also answered the question of how long Bitcoin purchases will continue. The president of El Salvador said that they will continue to accumulate BTC as long as the strength of fiat currencies in the world is enough to purchase BTC.
However, with the announcement of the address of the cold wallet where El Salvador keeps its Bitcoins, it became clear how much BTC the country has in total. According to the latest data, El Salvador has 5,689 BTC worth $406 million at the time of writing.
*This is not investment advice.