Bukele reveals El Salvador address with thousands of Bitcoins and donations are coming in

Important facts:
  • The revealed address contained twice as many bitcoins as estimated.

  • Since the revelation, El Salvador Wallet has not stopped receiving donations.

El Salvador President Nayib Bukele recently revealed through his X account (formerly Twitter) the addresses of the Bitcoin wallets in which they are hosted 5,600 BTC belonging to Central American nation, The data comes after years of speculation about the alleged Bitcoin holdings the President has acquired so far.

“We have decided to move a large portion of our #Bitcoins to a cold wallet and store that cold wallet in a physical vault within our national territory. You can call this our first #Bitcoin piggy bank 🇸🇻” he said Bukele via XAnd jokingly added “It’s not much, but it’s honest work 🙂”

An address in El Salvador received bitcoins in several transactions, starting with 1,120 BTC on March 12, then 0.999 BTC; 9,999 BTC; 49,999 BTC, 499.99 BTC and finally 4,007.69 BTC today, March 14. which together constitute 5,689,685 BTC In the hands of the Salvadoran State, within a hardware wallet and on its national territory.

With these holdings, El Salvador ranks as the sixth country with the most Bitcoin in the world, after the United States, China, the United Kingdom, Germany and Ukraine, according to Bitcoin Treasury data. Moreover, the country already has more BTC than CleanSpark, Hive Digital Technologies, mining producer Canaan, and Galaxy Digital Holdings combined, for example. The latter recently approved its Bitcoin spot ETF.

As there was no shortage of enthusiasm for Bitcoin, donations started flowing in following President Bukele’s announcement and continue to flow into the indicated wallets. At the time of writing this note, 20 donations amounting between 800 Satoshi and 0.001 BTC have been received and confirmed to an El Salvador address.

As of this moment, it was believed that El Salvador held 2,864 BTC, according to one of the most accurate estimates shown by the NB tracker site. These estimates also come from public announcements

However, as Bukele indicated a few days ago, this estimate was short of Bitcoin earnings for various reasons. As reported by CryptoNoticias, these include income from the Freedom Visa program, the provision of exchange services between USD and BTC for local businesses, as well as government services charged in Bitcoin and the production of coins through mining. Were due to. direct.

Revelation can also be seen as A paradigm shift in government transparency, As indicated by user bution in x, «El Salvador’s treasury in Bitcoin is directly auditable by every citizen of El Salvador; The government is transparent.” Pointing to the possibility that now anyone would have to review that Bitcoin address and see its entry and exit activities, know at all times the history of the money, where it comes from and where it goes, and this We will have to demand accountability from our government.

The same user adds “Compare and contrast with Western governments.” For example, the Federal Reserve has rejected all calls for it to be audited. No one knows how many US dollars are in circulation; “It’s a state secret.” What the creator of Bitcoin also explained in detail years ago:

“The fundamental problem with traditional currency is the trust that is required for it to work. The central bank must be trusted not to devalue the currency, but the history of fiat currencies is full of violations of that trust. Banks should be trusted to hold our money and move it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserves. We have to trust them with our privacy, trust that they won’t let identity thieves drain our accounts.

Satoshi Nakamoto

Luckily it ends with Bitcoin.

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