Bitcoin

<p><a href="https://bitcoinist.com/bitcoin-pre-halving-danger-zone/" target="_blank" rel="noopener ">Bitcoin</a>, the world’s largest cryptocurrency asset, continues to see widespread adoption. The Central American country of El Salvador recently made a massive transfer of BTC to the country’s physical reserve.</p> 
<h2 id="el-salvador-transfers-thousands-of-bitcoins-to-vault">El Salvador Transfers Thousands Of Bitcoins To Vault</h2> 
<p><a href="https://bitcoinist.com/el-salvador-bitcoin-investment/" target="_blank" rel="noopener ">Nayib Bukel</a>, the president of El Salvador, took the social media platform X (formerly Twitter) to <a href="https://x.com/nayibbukele/status/1768425845163503738?s=20" target="_blank" rel="noopener nofollow">share</a> the development with the crypto community on Friday. According to Bukele, the forward-thinking Bitcoin nation reportedly transferred “a big chunk” of BTC into a “cold wallet” this week, fueling optimism in the country.&nbsp;</p> 
<p>The president further noted that the cold wallet will be kept within its national territory in “a real (physical) vault.” A cold wallet lowers the possibility of hacking by storing cryptocurrencies offline and away from the internet. In addition, it is regarded as one of the safest ways to store crypto assets over time.</p> 
<p>Bukele has dubbed the development the country’s first Bitcoin “piggy bank,” marking the first time El Salvador has carried out such a move. However, while the president believes that the transfer is not much, he is confident that it is “honest work,” suggesting transparency within the country.&nbsp;</p> 
<p>Data from a screenshot shared by Bukele shows that El Salvador moved a total of 5,689 BTC, which is also the overall balance to the cold wallet address 32ixEdvjWo…ZZeuwnqzo. As of the time of the transaction, the BTCs above were valued at approximately $406.60 million.</p> 
<p>Nonetheless, the coins are valued at $389.70 million at the present price. This is due to the digital asset’s recent correction on Thursday, which saw BTC fall from about $71,000 to $68,000.</p> 
<h2 id="significance-of-the-btc-law">Significance Of The BTC Law&nbsp;</h2> 
<p>As the first country in the world to recognize BTC as legal tender, El Salvador has reclaimed its communal identity in the crypto space. This was made possible through its legal framework, the Bitcoin Law, passed in 2021.</p> 
<p>The Legislative Assembly’s deputies approved the Law to create jobs, enhancing true financial inclusion, and fostering economic dynamism. Additionally, it states that <a href="https://bitcoinist.com/bitcoin-goes-to-school-in-el-salvador/" target="_blank" rel="noopener ">cryptocurrency</a> has limitless librating strength which can be utilized in any transaction and under any name.</p> 
<p>With 62 votes cast by show of hands, the law was introduced. According to a Global Call to Action Against Poverty (GCAP) representative and human rights advocate César Artiga, “the country has witnessed a significant rise in real estate speculation since the law was implemented.”&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/CmqkDBLx/" alt="Bitcoin" width="2273" height="1351">

El Salvador Moves Over 5000 Bitcoin To National Vault: Nayib Bukele

Table of Contents

Bitcoinist

Other articles published on Mar 15, 2024

Elon Pumps Meme Coins + Altcoin Technical Analysis w/ Lux Algo

Prosecutors want $11B judgment, 40–50 years in prison for Sam Bankman-Fried

Minecraft Releases a New Update that Might Risk Losing Worlds

Cardano Transaction Trends Signal Market Fluctuations

Bitcoin Plunges Below $68K, Triggers Red Zone for Top Cryptos

Dogecoin market shaken as whales dumps 86 million DOGE

Join our free newsletter for daily crypto updates!