El Salvador receives Bitcoin donation after revealing on-chain address News ▸ El Salvador ▸ Bitcoin ▸ Crypto
El Salvador receives Bitcoin donation after revealing on-chain address
El Salvador's Bitcoin reserves surpass expectations, hitting $383 million.
2 min read
Updated: Mar. 15, 2024 at 2:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
El Salvador received Bitcoin donations after President Nayib Bukele shared the Central American country’s digital wallet address with the public.
In a March 14 post on social media platform X (formerly Twitter), Bukele revealed that the country transferred “a big chunk of our Bitcoin to a cold wallet and stored that cold wallet in a physical vault within our national territory.”
The on-chain address, described by Bukele as the country’s “first piggy bank,” showed that the government holds 5,689 BTC, equivalent to $383 million as of press time, according to BitInfoCharts data.
El Salvador’s BTC bag
This disclosure reveals a substantially larger Bitcoin treasury for El Salvador than previously estimated. Public trackers like Nayibtracker and Bitcoin Treasuries had previously placed the nation’s holdings at 2864 BTC, estimated at $193 million.
Nonetheless, the sizable treasury aligns with recent revelations by Bukele, who highlighted multiple revenue streams beyond mere acquisition. These include BTC earnings from citizenship sales, currency exchanges for local businesses, mining activities, and other undisclosed government services.
Moreover, President Bukele has consistently reiterated El Salvador’s commitment to holding onto its Bitcoin reserves, signaling a steadfast dedication to its crypto strategy for the long term.
Donations and praises
Following Bukele’s revelation, crypto enthusiasts praised the country’s move and swiftly began sending small amounts of BTC and rare Ordinals to the wallet.
Paolo Ardoino, Tether CEO, said no other country has a bright trajectory like El Salvador while highlighting the country’s security, growth, economy, and talent.
Femi Longe, a crypto stakeholder from Nigeria, said he looks “forward to a future where African countries keep a portion of their national reserves in Bitcoin instead of the US Dollars.”
According to him:
“This would weaken the hold the guardians of the current global economy & monetary system have on our progress as a continent.”
Meanwhile, BitInfoCharts shows that the Central American country’s BTC wallet received more than $1000 worth of BTC donations in 30 transactions.
In addition, Ordiscan reveals that the wallet boasts 67 Ordinal inscriptions, comprising BRC-20 tokens, textual inscriptions, images, and others.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Nayib Armando Bukele Ortez is a Salvadoran politician and businessman who is the 46th and current President of El Salvador.
