El Salvador's President Nayib Bukele has publicly shared the address of the wallet that holds much of the Bitcoin held by the Central American nation.
In a recent post on X, Nayib Bukele revealed the address of the wallet in which El Salvador is storing a large part of the bitcoins it currently owns. The Salvadoran president indicated that it is a cold wallet, which is being protected in a physical vault located in the country.
Bukele also noted that this wallet contains “a large part” of the bitcoins that the nation owns and that it can be considered as El Salvador's first Bitcoin piggy bank.
El Salvador has more Bitcoin than previously thought
At the time of sharing the post, El Salvador's Bitcoin wallet had a total of 5.689,68 BTC, worth over $406,6 million. This is almost double the bitcoins estimated to be held by the country, which were around 2.860 BTC; as reported this medium this week.
However, at the time of writing this article, the amount of bitcoins held by El Salvador has increased even moreThis is due to the multitude of donations that the address published by the Salvadoran president is receiving and that have been sent by bitcoiners and the crypto community.
As can be verified on the Blockchain.com blockchain explorer, the nation's BTC wallet has received, so far, more than 55 transactions with a few satoshis, the smallest unit of Bitcoin.
The public revelation of this Bitcoin wallet comes after the country's National Assembly approved a reform to the Income Tax Law that eliminates the 30% income tax for remittance money transactions and foreign capital investments, including those in Bitcoin. For many, it means a breakthrough in BTC reserve transparency, which improves the government's Bitcoin strategy.
Finally, on the exact amount of Bitcoin El Salvador holds, it remains to be seen whether President Bukele will actually disclose the country’s holdings in the cryptocurrency. In his post, Bukele detailed that only “a large portion” of the nation’s bitcoins were transferred to the cold wallet, suggesting that the country holds even more BTC.
Continue reading: El Salvador exempts foreign investments, including Bitcoin investments, from income tax
