El Salvador Has Thousands More Bitcoins Than Previously Known
Summary
El Salvador has moved $400 million worth of bitcoin into a cold wallet, according to the country's President, Nayib Bukele. The cold wallet is stored in a physical vault within the country. The bitcoin treasury of this size is significantly larger than previously estimated, with public trackers previously placing the nation's holdings at less than 3,000 BTC ($205 million). The country has been acquiring bitcoin not only through purchases but also by selling passports, through currency conversions for businesses, from mining, and from government services. El Salvador became the first country to purchase bitcoin as a treasury asset in September 2021. The majority of the bitcoin held in the cold wallet came from Bitfinex.
