El Salvador President Nayib Bukele announced that they withdrew the majority of Bitcoin (BTC) reserves to a cold wallet.
El Salvador, which has adopted Bitcoin as its official currency, moved most of its Bitcoin reserves to a cold wallet based on the philosophy of “if you don’t own the keys, you don’t own the coin.”
In the announcement made by President Nayib Bukele on March 15th, it was stated that the Bitcoins are stored in a cold wallet in a physical vault. With the public sharing of the cold wallet address, many anonymous accounts made donations to this wallet:
We have decided to transfer a large portion of our Bitcoins to the cold wallet and to store this cold wallet in a physical vault in our national territory. You can call it our first Bitcoin piggy bank. Not much, but an honest work.
The cold wallet of El Salvador currently holds a total of 5,689 Bitcoins worth $407 million. Current data shows that the country’s Bitcoin assets are 40% more than the last reported.
In addition to direct Bitcoin investments, El Salvador had expanded its activities in this field by launching a program that offers visa and citizenship with Bitcoin.
