El Salvador’s President Nayib Bukele recently announced the country’s decision to store a significant portion of its Bitcoin holdings in a physically secured cold wallet, dubbed the “Bitcoin piggy bank.” This move aims to safeguard the country’s Bitcoin assets, with the cold wallet stored in a physical vault within El Salvador’s national territory. The wallet currently holds a balance of $388 million in Bitcoin, as reported by Bitcoin explorer Mempool.
Shortly after the announcement, Bitcoiners wasted no time in contributing to El Salvador’s cold wallet. The wallet has already received at least 67 Ordinals donations, including various BRC-20 tokens, text inscriptions, images, and even a copy of the “Cypherpunk Manifesto.” Additionally, approximately $700 in satoshi donations have been made, including “pizza” and “vintage” labeled sats, referencing historical Bitcoin transactions like the famous 10,000 BTC used to purchase two pizzas in 2010.
The initiative has garnered praise from the Bitcoin community, with many applauding President Bukele and El Salvador for their transparent approach. Despite receiving small value transfers from various contributors, the total balance in the cold wallet exceeds the Bitcoin holdings previously reported to be held in the government’s treasury. President Bukele also noted that the government’s Bitcoin holdings include assets earned from various programs and projects.
The transfer of Bitcoin to El Salvador’s cold wallet was conducted using multisignature authorization, with four signatories approving the transactions. The largest transfer of 4,000 BTC, worth $273 million, occurred shortly after President Bukele’s announcement, further solidifying the country’s commitment to Bitcoin adoption. President Bukele, who was reelected in February, has been instrumental in driving El Salvador’s Bitcoin revolution since September 2021 when the country became the first to adopt Bitcoin as legal tender.
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