Piggy Bank

Satoshi

Pizza

Bank AI

Bitcoin

<p><em><strong>Many donations amounting to approximately $700 in Satoshis have been sent to the new “Bitcoin piggy bank” in El Salvador.</strong></em></p><p>Shortly after El Salvador announced its intention to store a significant portion of its Bitcoin holdings in a cold wallet stored in a physical vault, Bitcoin enthusiasts contributed by sending their favorite “rare sats” and Ordinals to the wallet.&nbsp;</p><h2 class="wp-block-heading" id="strong-the-introduction-of-the-new-bitcoin-piggy-bank-strong"><strong>The Introduction of the New Bitcoin Piggy Bank</strong></h2><p>On March 14, President Nayib Bukele introduced the country’s new Bitcoin piggy bank. The cold wallet, which contains a balance of $388 million in Bitcoin, according to Mempool, is stored within a physical vault on national territory.&nbsp;</p><p>Ordiscan shows that the wallet has received at least 67 Ordinals donations, including BRC-20 tokens, text inscriptions, images, a 3D “runestone,” and even a copy of the “Cypherpunk Manifesto” written by Eric Hughes in March 1993, which proposed to uphold privacy via encryption in the electronic age.&nbsp;</p><h2 class="wp-block-heading" id="strong-the-700-worth-of-satoshi-strong"><strong>The $700 Worth of Satoshi</strong></h2><p>The wallet contains approximately $700 in satoshi donations, including “pizza” and “vintage” labeled sats. Pizza sats refer to the 10,000 BTC famously used by early Bitcoin contributor Laszlo Hanyecz to pay for two Papa John’s pepperoni pizzas on May 22, 2010, while vintage sats refer to sats that were mined within the first 1000 Bitcoin blocks.&nbsp;</p><p>Gerson Martínez, a strategist at El Salvadoran <a href="https://www.thecoinrepublic.com/2024/02/23/bitcoin-mining-firm-riot-platforms-gave-record-break-revenues/" rel="noopener noreferrer nofollow">Bitcoin mining</a> project, Volcano Energy, expressed his appreciation for the donations in a March 15 X post, saying “Gotta love bitcoiners.”</p><blockquote class="twitter-tweet"><p>Gotta love bitcoiners. Donations rolling in to El Salvador's cold wallet <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;">. <a href="https://t.co/kniA1T6TGH" rel="noopener noreferrer nofollow">https://t.co/kniA1T6TGH</a><a href="https://t.co/mpQxtOGpHU" rel="noopener noreferrer nofollow">pic.twitter.com/mpQxtOGpHU</a></p>— Gerson Martínez <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26cf.png" alt="⛏" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@gersonmartinez) <a href="https://twitter.com/gersonmartinez/status/1768436409868701790?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 15, 2024</a></blockquote><p>According to Nayib Bukele Portfolio Tracker, the 5,689 Bitcoin held by El Salvador is considerably larger than the 2,864 BTC worth $195 million believed to be in the government’s treasury.</p><p>El Salvador has transferred a large chunk of its Bitcoin holdings to a cold wallet kept in a physical vault. The wallet currently holds a balance of $388 million in Bitcoin.&nbsp;</p><p>However, Bukele clarified that this figure does not include Bitcoin earned by the government from its passport program, mining projects, and converting BTC to United States dollars for local businesses.&nbsp;</p><h3 class="wp-block-heading" id="strong-did-crypto-market-fall-due-to-that-tweet-strong"><strong>Did Crypto Market Fall Due to That Tweet?</strong></h3><p>Many people are confused that this news has caused bitcoin to fall more than $6k in a single day. However, this is likely not the reason for the fall. Global markets around the world have registered a downtrend; whether Japan’s Nikkei or India’s Nifty, all the equity markets are down. It has resulted in people pulling out money from riskier investments like cryptos.</p><h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3><p>El Salvador has received around $700 in satoshi donations, with the majority being small value transfers. The country holds 5,689 Bitcoins, significantly larger than the amount believed to be in the government’s treasury.</p><h4 class="wp-block-heading"><strong>Disclaimer</strong></h4><p>The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of financial loss.</p>

New Bitcoin Piggy Bank of El Salvador Gains Crypto Donations

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Thecoinrepublic.com

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