El Salvador Bitcoin Investment Continues To Be Strengthened With 1 BTC Per Day
President Nayib Bukele has reaffirmed El Salvador's Bitcoin investment, announcing the daily fixed investment of one Bitcoin into a cold wallet until the cryptocurrency cannot be purchased with legal tender
President Nayib Bukele has reaffirmed El Salvador's Bitcoin investment, announcing the daily fixed investment of one Bitcoin into a cold wallet until the cryptocurrency cannot be purchased with legal tender.
El Salvador's Bitcoin Investment Strategy Continues Enhanced
This decision follows Bukele's initial declaration in November 2022 to invest one Bitcoin per day. The latest deposit was confirmed via Bukele's social media account, bringing El Salvador's Bitcoin reserves to a total of 5,689 Bitcoins.
Furthermore, President Bukele disclosed plans to transfer a significant portion of the country's Bitcoin assets, valued at around $400 million, to an offline device stored in a physical vault within El Salvador's borders. This move aims to enhance the security of the cryptocurrency holdings.
The current Bitcoin reserve of 5,689 exceeds previous estimates, which indicated around 2,864 BTC held in the government's treasury. However, Bukele clarified that this figure excludes Bitcoin acquired through various initiatives such as the passport program, mining projects, and conversions to USD for local businesses.
