El Salvador has seen a wave of Bitcoin donations flow into its national digital wallet after President Nayib Bukele publicized its address. The President announced on March 14th that the country had moved a significant portion of its Bitcoin holdings to a cold wallet, securely stored within national boundaries. The revelation has given rise to a more substantial Bitcoin reserve than prior estimates, which had the country’s assets at approximately half the current amount.
Surge in El Salvador’s Bitcoin Holdings
Bukele’s disclosure positions El Salvador’s government-owned wallet as holding 5,689 BTC, a value of around $383 million. These figures surpass previous public tracking estimates and highlight the diverse sources of Bitcoin income for the country, which include earnings from citizenship sales, local business forex transactions, mining, and other government-related activities.
El Salvador’s Crypto Commitment Attracts Support
The President’s reaffirmation of El Salvador’s intent to maintain its Bitcoin reserves underscores a long-term crypto strategy. This announcement was met with enthusiasm from the crypto community, which responded by contributing Bitcoin and rare Ordinals to the nation’s wallets. Tether CEO Paolo Ardoino and Nigerian crypto advocate Femi Longe both praised El Salvador’s pioneering stance, with Longe aspiring for a similar approach among African nations.
Data from BitInfoCharts reflects that the Central American nation’s Bitcoin wallet has received donations exceeding $1000 just in the last 30 transactions. The wallet’s contents, as recorded by Ordiscan, include 67 Ordinals encompassing tokens and unique digital artifacts.