El Salvador Moves 'Big Chunk' of Its BTC to Cold Wallet — President Bukele Says 'Call It Our First B

El Salvador has transferred “a big chunk” of its bitcoin holdings to a cold wallet, President Nayib Bukele has announced. “You can call it our first bitcoin piggy bank,” he said. As of writing, the wallet’s balance totals approximately 5,690 bitcoins.

El Salvador Establishes Its First ‘Bitcoin Piggy Bank’

El Salvador’s President Nayib Bukele announced on social media platform X Thursday that El Salvador has decided to transfer “a big chunk” of its bitcoin holdings to a cold wallet and store it in a physical vault within its national territory. “You can call it our first bitcoin piggy bank,” he wrote, adding: “It’s not much but it’s honest work.” The Salvadoran leader also posted the wallet address for the public to see.
The wallet address is 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo. As of writing, the wallet’s balance is 5,689.72335315 BTC, including many small transfers of random amounts that were sent to the address after President Bukele posted the above screenshot.

Many social media users commended El Salvador and Bukele’s approach to bitcoin and his transparency. “Pretty incredible to see a president tweeting about bitcoin nation-state self-custody. It’s no wonder bitcoiners feel welcome in El Salvador,” one wrote. “The leadership and vision of President Nayib Bukele have transcended boundaries. We are witnessing the beginning of a new era. El Salvador is advancing by leaps and bounds towards leadership in the cryptocurrency market, especially with bitcoin,” another opined.
El Salvador became the first country to adopt bitcoin as legal tender alongside the U.S. dollar in September 2021, despite warnings from the International Monetary Fund (IMF). Since then, the country has been acquiring bitcoin through various means, including purchases and mining, and has also been generating revenue from bitcoin-related initiatives. Venture capitalist Tim Draper recently said that he expects bitcoin to transform El Salvador into one of the richest countries in the world. Last month, Bukele affirmed that El Salvador will not sell any of its bitcoins, emphasizing that “at the end 1 BTC = 1 BTC.”
What do you think about El Salvador transferring a large chunk of its bitcoin holdings to a cold wallet and posting the wallet address for the public to see? Let us know in the comments section below.