El Salvador President Nayib Bukele introduced the country’s first Bitcoin Piggy Bank. The president announced that the country’s Bitcoin assets were transferred to a transparent cold wallet. Prominent names such as Wayne Vaughan and Kale Abe consider the project to be El Salvador’s Bitcoin Fort Knox.
El Salvador introduced the first “Bitcoin piggy bank”!
cryptokoin.comAs you follow from , El Salvador frequently comes to the fore due to Bitcoin investments. In a recent development, El Salvador President Nayib Bukele introduced the “first Bitcoin piggy bank.” President Bukele shared an X post on March 15. In this post, he announced that the country decided to transfer a significant part of its Bitcoin assets to a cold wallet.
According to President Bukele’s post, this wallet will be stored in a “physical safe” within the territory of El Salvador. He deemed the project an “honest work.” Bukele explained the development as follows:
We decided to transfer the majority of our Bitcoin to a cold wallet and store this cold wallet in a physical vault on our national territory. You can call this our first Bitcoin piggy bank. It’s not much, but it’s an honest job.
““Bitcoin’s first Fort Knox”
Meanwhile, El Salvador is the first country to accept Bitcoin as a legal tender. The country adopted Bitcoin in September 2021. Additionally, he has remained committed to cryptocurrency ever since. According to a screenshot shared by Bukele, the country has already transferred 5,689.68 BTC worth $411 million to a cold wallet. While Bukele shared his wallet address via the official X page, the community celebrated the transparency of the move. For example, Brian Morgenstern, Head of Public Policy at Riot Platforms, acknowledged the transparency of President Bukele’s new policy. Reacting to Bukele’s post, Morgenstern wrote:
Bitcoin’s first Fort Knox (as far as we know) is in El Salvador. The US government and many others hold BTC. But clearly not as a strategic reserve asset. This is an important development.
Meanwhile, the country’s groundbreaking move was applauded. In this context, many prominent figures, including Tierion CEO Wayne Vaughan and analyst Kale Abe, have described El Salvador’s cold wallet project as the country’s Bitcoin “Fort Knox.” Fort Knox is the repository of US gold bullion, he says. Herbert Esmahan, a political strategist from El Salvador, commented on the President’s post, “Fortunately, we have a great president who continues to fight for the absolute sovereignty of our nation. He successfully beat the system.” commented:
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