sa#el🔥💥El Salvador's $400 million Bitcoin transfer: Bukele announces

In a move reinforcing its embrace of Bitcoin as the official currency since 2021, El Salvador, under the leadership of re-elected President Nayib Bukele, has announced the transfer of approximately $400 million worth of Bitcoin to a new cold wallet.

Despite facing criticism from the Western world for adopting Bitcoin as legal tender, El Salvador has stood firm on its policy, now reaping the rewards with surging prices. As Bitcoin's value in the nation continues to rise, President Bukele made a new announcement regarding the cryptocurrency.

President Bukele revealed that 5689 BTC had been transferred to a new cold wallet, emphasizing the decision as a strategic move. He stated, "We have decided to move a large part of our bitcoins to a new cold wallet, akin to our official piggy bank, stored securely within the country's borders. Though not an exorbitant amount, it represents hard-earned money."

The actual number of BTC at least doubled

Contrary to previous estimates, Nayib Bukele's announcement indicates that El Salvador's Bitcoin holdings exceed prior assumptions. While it was believed the country possessed around 2800 BTC, the transfer unveiled a figure at least double that amount. Bukele's reference to "The majority of our Bitcoins ..." suggests that the nation retains a substantial BTC reserve beyond the transferred sum.

Furthermore, Bukele had declared in November 2022 that the government would purchase one Bitcoin daily, following a systematic approach to accumulate the cryptocurrency.#ElSalvadorBitcoin #NayibBukele #binance