🔥💥El Salvador moved $386 million worth of Bitcoin into cold storage
Under the guidance of re-elected President Nayib Bukele, the Central American country has announced the existence of a significant amount of #Bitcoin , the value of which currently stands at over 386 million dollars, totaling 5,689.68 BTC.
According to President Bukele, the transition to an offline vault within the country's borders marks the creation of the country's first official "bitcoin piggy bank".
This step not only demonstrates El Salvador's commitment to leveraging cryptocurrency for economic growth, but also addresses security concerns by providing protection against potential cyber attacks.
Pays September 2021 Amid skepticism from the International Monetary Fund (IMF), since adopting Bitcoin as a legal means of paying, El Salvador has been on a quest to revolutionize its economy.
By making cryptocurrency mainstream, the country aimed to reduce overseas remittance fees and get those without bank accounts to bank; this is a major concern, as 70% of Salvadorans are outside the traditional financial system.
As President Bukele highlighted in a recent social media post with the crypto phenomenon Crypto Rover, the move to a cold wallet comes amid efforts to generate revenue through Bitcoin, as evidenced by the significant profits from mining and the Bitcoin-powered Freedom Visa passport program.
Despite ambitious crypto initiatives and the recent Deceleration in the value of Bitcoin, doubts remain among the people of El Salvador about the volatility and availability of digital currency in a predominantly cash-based society.
But it's not just about financial gain. El Salvador's grand vision extends to building a technology center that attracts talent from all over the world, further evidenced by recent legislative changes and strategic meetings with potential independent investors.
