Salvadoran President Bukele announced yesterday (15th) that most of the Bitcoin will be transferred to a cold wallet, and the wallet address will be made public. This move has received widespread praise from the crypto community. Bukele further announced today that El Salvador will continue to make daily investments of 1 Bitcoin into the cold wallet until it becomes difficult to afford purchasing Bitcoin with fiat currency.
Summary:
El Salvador transferred 5,689 Bitcoins to a cold wallet! Address receives donations: Rare Satoshi, Crypto Punk Manifesto
Background:
El Salvador’s Bitcoin holdings have gained 83 million GBP! Legendary investor Tim Draper: It will become the richest country in the world
Table of Contents:
Daily investment of BTC will continue until fiat currency becomes unaffordable
Bitcoin holdings in profit exceed 62%
El Salvador embracing Bitcoin policy
Salvadoran President Bukele announced yesterday (15th) that the country will transfer 5,689 Bitcoins to a cold wallet in the domestic treasury, and the wallet address has been made public, demonstrating a commitment to Bitcoin and transparency. This has received praise and support from the crypto community, and the country’s cold wallet has received multiple donations, including from Rare Satoshi, Engraved Text, and small amounts of Bitcoin…
Today, Bukele further announced on X:
El Salvador’s plan to make a daily investment of 1 Bitcoin, which was announced by Bukele on November 17, 2022. Since then, El Salvador has been continuously purchasing Bitcoin.
Currently, El Salvador holds a total of 5,690 Bitcoins, with a total value of up to $394 million. Bitcoin browser Mempool data shows that El Salvador purchased one Bitcoin for $69,176 last night.
According to NayibTracker data, the country’s average cost of purchasing Bitcoin is $42,640.97, with unrealized profits exceeding $76.1 million and a return rate of 62.3%.
El Salvador’s cold wallet:
In addition to the Bitcoin investment plan, Bukele has also vigorously implemented multiple Bitcoin policies, including launching an investment citizenship program in December last year. By investing $1 million in Bitcoin or USDT, one can obtain a residence visa and citizenship. The issuance of $1 billion Bitcoin volcano bonds has also received regulatory approval from the Digital Assets Committee (CNAD) in December last year and is expected to be issued in the first quarter of 2024.
In response to this, Tim Draper, a well-known venture capital godfather from Silicon Valley and founder of Draper Associates, recently attended the Web3 Deep Dive podcast program hosted by cryptocurrency journalist Rachel Wolfson. He praised El Salvador’s embrace of Bitcoin and called Bitcoin a means to help El Salvador grow and become a better country. He also predicted that in the next few years, Bitcoin will determine the fate of the country. If the price of Bitcoin reaches $100,000, El Salvador will be able to repay its debt to the International Monetary Fund (IMF) and no longer need to deal with the IMF.
Further reading:
El Salvador’s Bitcoin holdings gain 83 million GBP! Legendary investor Tim Draper: It will become the richest country in the world
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