Summary
TLDR: El Salvador President Nayib Bukele moved a large amount of Bitcoin into a cold wallet and vault, now holding 5,689 BTC worth $415 million. This move comes after previously holding 2,848 BTC. Bukele has been vocal about Bitcoin adoption in El Salvador, despite opposition from the IMF and U.S. lawmakers. The Bitcoin price dropped to $67,934 after Grayscale moved $400 million worth of BTC to Coinbase.
Key Points
1. El Salvador President Nayib Bukele moved a significant portion of the country’s Bitcoin treasury into a cold wallet and stored it in a physical vault within the national territory.
2. The wallet shared by Bukele contained 5,689 Bitcoin, valued at $406 million at the time of the screenshot. This move aligns with the country’s efforts to embrace Bitcoin since making it legal tender in 2021.
3. Despite facing challenges such as high network fees and criticism from international bodies like the International Monetary Fund, El Salvador continues to prioritize Bitcoin adoption and investment, with the country’s treasury wallet currently holding approximately 5,689.7 BTC worth about $415 million.