El Salvador's Bitcoin Bonanza: President Reveals Doubling of Nation's Holdings

El Salvador has revealed a significant increase in its bitcoin holdings, with President Nayib Bukele disclosing the transfer of over 5,000 BTC, valued at approximately $400 million, into a cold storage wallet. This move nearly doubles the country's known stash of the digital asset, surpassing previous estimations of less than 3,000 BTC. Bukele announced the creation of El Salvador's "first #Bitcoin piggy bank" on social media platform X (formerly Twitter), showcasing a photo of the wallet containing 5,689.68 BTC, held in a physical vault within the nation's territory. This disclosure marks the first instance where Bukele has tied his nation's holdings to a specific address, as previous claims were made solely through social media updates. El Salvador's acquisition of bitcoin as a treasury asset began in September 2021, making it the first country to adopt bitcoin on such a scale. The recent transfers into the cold wallet, predominantly from Bitfinex, signify the country's ongoing commitment to integrating bitcoin into its financial system, amid fluctuating cryptocurrency prices that recently surged above $73,000.