March 27, 2024
Bitcoin News

Bitcoiners Flood El Salvador’s Cold Wallet with Donations

Just hours after President Nayib Bukele of El Salvador announced the nation’s decision to store a significant portion of its Bitcoin holdings in a physically secured cold wallet, Bitcoin enthusiasts wasted no time in showering the wallet with their prized “rare sats” and Ordinals.

On March 14, Bukele unveiled El Salvador’s new “Bitcoin piggy bank,” revealing plans to safeguard a substantial amount of Bitcoin in a cold wallet stored within a national vault.

The cold wallet, currently boasting a balance of $388 million in Bitcoin, as reported by Bitcoin explorer Mempool, has already become a repository of unique contributions. According to Ordiscan, alongside the Bitcoin holdings, the wallet has amassed at least 67 Ordinals donations, including BRC-20 tokens, textual inscriptions, images, and even a 3D “runestone.” Notably, it also houses a copy of the “Cypherpunk Manifesto,” underscoring the community’s commitment to privacy and encryption.

Moreover, the wallet has seen approximately $700 in satoshi donations, with a notable presence of “pizza” and “vintage” labeled sats. These vintage sats harken back to the early days of Bitcoin mining, while pizza sats commemorate the infamous 10,000 BTC transaction for two pizzas in 2010.

Commendation and Transparency

The influx of donations drew praise from within the Bitcoin community. Gerson Martínez, a strategist at El Salvadoran Bitcoin mining project Volcano Energy, lauded the contributions, highlighting the community’s support for the country’s Bitcoin endeavors. Similarly, the X account of HODL15Capital commended President Bukele and El Salvador for their transparent approach to Bitcoin adoption.

A Presidential Vision

President Bukele, who secured reelection in February with over 80% of the votes, has been a driving force behind El Salvador’s embrace of Bitcoin. Since spearheading the nation’s Bitcoin revolution in September 2021, making it the first country to adopt Bitcoin as legal tender, Bukele has continued to champion cryptocurrency integration.

Multisig Transactions and Growth

The significant Bitcoin balance of 5,689 BTC in the cold wallet resulted from several transactions, including a 3/5 multisignature authorization for the initial transfer of 1,120 BTC. The largest transfer of 4,000 BTC occurred shortly after Bukele’s announcement, further bolstering El Salvador’s Bitcoin reserves.

Conclusion

El Salvador’s bold move to embrace Bitcoin has not only reshaped its financial landscape but also garnered support and contributions from the global cryptocurrency community, marking a significant milestone in the country’s journey towards economic innovation and inclusion.

Image by Gerd Altmann from Pixabay

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