In a bold move that underscores its commitment to cryptocurrency, El Salvador has significantly increased its Bitcoin reserves. President Nayib Bukele announced that the nation has been making a “daily fixed investment” of 1 Bitcoin since November 2022. This initiative is set to continue until Bitcoin can no longer be purchased with legal tender.
On March 15, President Bukele revealed that El Salvador has transferred over 5,000 BTC to a secure cold wallet, effectively doubling its digital assets to an impressive $400 million. The cold wallet, containing exactly 5,689.68 BTC, is safely housed in a physical vault on national soil, marking a strategic step in the country’s financial evolution.
The announcement was made on a social media platform, where President Bukele referred to the new setup as “our first #Bitcoin piggy bank.” This terminology not only reflects a sense of national pride but also indicates a forward-thinking approach to financial security and investment.
El Salvador’s pioneering stance on Bitcoin has been closely watched by the global community. By integrating Bitcoin into its financial infrastructure, the country is positioning itself at the forefront of a potential economic revolution, one that could pave the way for other nations considering similar ventures into the realm of digital currencies.
As the world keeps an eye on this unfolding narrative, El Salvador’s “Bitcoin piggy bank” stands as a testament to the nation’s innovative spirit and its unwavering belief in the transformative power of cryptocurrency.
Source: https://azcoinnews.com/el-salvador-escalates-bitcoin-holdings-with-daily-investment-strategy-says-president-bukele.html