A cold wallet believed to be controlled by El Salvador\u2019s government has been acquiring one Bitcoin daily since March 16, thereby expanding its Bitcoin reserve by 162 coins.<\/p>\n
According to data<\/a> from the blockchain analytics firm Arkham Intelligence, the\u00a0wallet, identified as belonging to the El Salvador government, presently encompasses 5,851 Bitcoin, valued at approximately $356.4 million.<\/p>\n Since March 16, the wallet\u2019s inflow chart shows the daily constant addition of each Bitcoin. Just a few hours ago, the most recent purchase took place, costing $60,500. Still, there have been several much smaller transactions in which the wallet obtained fractions of Bitcoin for less than $100.<\/p>\n Crypto analyst EmberCN has calculated<\/a> the average acquisition cost of El Salvador\u2019s Bitcoin assets at around $44,835, which positions the country with an unrealized profit margin of $93.45 million. The Salvadoran government buys Bitcoin daily, aligning with President Bukele\u2019s goal of buying one daily until its price becomes \u201cunaffordable.\u201d<\/p>\n The initiative began with a substantial transfer<\/a> of 5,689 BTC into a cold storage wallet, which at the time was valued at approximately $386 million. President Bukele has called this wallet the nation\u2019s initial \u201cBitcoin piggy bank.\u201d<\/p>\n Moreover, the Bukele administration has recently proposed<\/a> using cryptocurrency in trade negotiations with Russia. This suggestion was made as a strategy to circumvent the economic sanctions imposed on Russia by the United States and its allies in response to the ongoing conflict between Russia and Ukraine.<\/p>\n El Salvador has adopted the U.S. dollar as its official currency, so it faces challenges in trading with Russia. Due to these sanctions, Russia has experienced significant restrictions in accessing USD.\u00a0<\/p>\n The government of El Salvador has added<\/a> new information regarding its holding via the mempool space tool to boost transparency about its Bitcoin holdings and enable public auditing. This move guarantees responsibility for national cryptocurrency investments and strengthens public confidence.<\/p>\nEl Salvador\u2019s Major Bitcoin Transfer to Cold Storage<\/h2>\n
El Salvador Enhances Bitcoin Transparency<\/h2>\n