El Salvador Moves Most of Its Bitcoin Holdings to Cold Storage
- WBOYOriginal
- 2024-08-24 21:18:11915browse
El Salvador has been buying one Bitcoin daily since March 16 this year. This steady purchasing has increased the country's total Bitcoin holdings to 5,852 BTC
El Salvador has been gradually increasing its Bitcoin holdings by purchasing one BTC daily since March 16 this year. As a result, the country now holds 5,852 BTC, valued at around $375 million, according to data from Arkham Intelligence.
A significant portion of El Salvador's Bitcoin holdings has recently been moved into cold storage by the government of President Nayib Bukele. This measure is taken to enhance security and safeguard the country's Bitcoin from online threats over the long term.
Since legalizing Bitcoin as a currency in 2021, El Salvador has actively explored diverse applications of cryptocurrency. Among these initiatives are a Bitcoin mining operation powered by a volcano and the introduction of "volcano bonds" backed by Bitcoin.
Moreover, El Salvador has secured a substantial investment, with Turkish company Yilport set to inject $1.62 billion into enhancing two of the country's seaports. This investment marks the largest private undertaking in El Salvador's history.
Yilport and the Salvadoran government will jointly manage the ports for the next 50 years under the agreement.
In other news, Bitfinex has announced a refund for the Hilton project in El Salvador.
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