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El Salvador Surprises with Bitcoin Reserves Exceeding Expectations

Fast Take
  • El Salvador holds more than 5.689 BTC.
  • Donations and Ordinals boost BTC reserves.
  • Mining and tax exemptions support crypto economy.
Nayib Bukele Pro-Bitcoin President of El Salvador seeks re-election in 2024
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El Salvador President Nayib Bukele has shaken up the cryptocurrency community by revealing surprising details about the country's Bitcoin vault, demonstrating that he holds a significantly larger amount of BTC than previously known. This announcement caused a frenzy in the crypto world, with many enthusiasts applauding Bukele's transparency, while others questioned the origin of this unexpected accumulation of Bitcoin.

El Salvador, under Bukele's leadership, was revealed to have a staggering 5.689,68 BTC in its cold storage vault, valued at over $406 million at the time of recording. The discovery came after Bukele shared a screenshot of a cryptocurrency wallet address, triggering a valuation of his holdings far beyond previously tracked estimates, which indicated around 2.864 BTC.

Independent verification by Arkham Intelligence confirmed the amount disclosed by the president, although the recent devaluation impacted the total value. Even so, the source of these additional funds remained without a direct answer from Bukele, despite speculation and research pointing to an influx of Ordinals and Bitcoin donations to the government wallet.

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In addition to crypto contributions, the beginning of Bukele's second term was marked by initiatives favorable to technology startups, including the exemption from taxes on income from international transfers. This move suggests a broader strategy of strengthening El Salvador's position in the cryptocurrency scene, potentially financed by other Bitcoin-related sources of income.

Among Bukele's revelations: the country's financial success with Bitcoin, including significant gains since adopting BTC as legal tender in 2021. The president mentioned the Freedom Visa passport program and Bitcoin mining as important sources of revenue, highlighting El Salvador's efforts to become a leader in crypto mining, utilizing natural resources for cheap energy.

These strategies not only strengthen El Salvador's economy but also attract global attention, benefiting from the partnership with Bitfinex. El Salvador's approach to Bitcoin reflects a commitment to innovation and a possible model for other countries to consider.

Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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