Bitcoin

Arkham

when

Read

A cold wallet reportedly owned by the Salvadoran government has been buying one Bitcoin everyday since March 16, adding 162 coins to the country’s Bitcoin holdings. 
Data from blockchain analytics platform Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/address/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo" target="_blank" rel="">shows</a> that the address, marked as El Salvador government cold wallet, currently holds 5,851 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) with a market value of $356.4 million.&nbsp; 
The wallet’s inflow chart shows that it has been adding a single Bitcoin every day since March 16. The latest installment was made several hours ago at a cost of $60,500. However, there were several days when the wallet made miniscule BTC purchases of less than $100. 
According to crypto analyst <a href="https://x.com/EmberCN/status/1826802312456929741" target="_blank" rel="">EmberCN</a>, the average cost of El Salvador’s BTC holdings is about $44,835, giving the country a floating profit of $93.45 million. 
The purchases are part of Salvadoran President Nayib Bukele’s promise to buy one Bitcoin every day until the cryptocurrency becomes “unaffordable.” On the day the purchases started, El Salvador <a href="https://crypto.news/el-salvador-moves-386m-worth-of-bitcoin-into-cold-storage/" target="_blank" rel="noreferrer noopener">moved</a> 5,689 BTC into the cold storage wallet, with the holdings then valued at $386 million. Bukele described the wallet as the country’s first “Bitcoin piggy bank.” 
 You might also like: <a href="https://crypto.news/russia-considers-launching-trading-platforms-for-stablecoins-on-domestic-stock-exchanges-report/"> Russia considers launching trading platforms for stablecoins on domestic stock exchanges: report </a> 
To create greater <a href="https://crypto.news/el-salvador-launches-transparent-bitcoin-investment-data-platform/" target="_blank" rel="noreferrer noopener">transparency</a> around its Bitcoin ownership, the South American nation created a mempool space enabling the public to audit its crypto holdings. 
Furthermore, Bukele’s government recently <a href="https://crypto.news/el-salvador-proposes-crypto-for-trade-with-russia-embassy-official-says/" target="_blank" rel="noreferrer noopener">proposed</a> the use of crypto for trade with Russia. El Salvador floated the idea as a way of bypassing sanctions imposed on Russia by the U.S. and its allies over Russia’s continued war with Ukraine.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdCrF26iiY3OywL69N0uiS4bJDiBTpGP0-6YtacHqyf_8aPBXRXqQFNQtsjgk-ebDMvZvO6KbLSmAYvLWqZcM9AOmOwtCdpaLr7Q915M2uJJQy2poE5xzd5sRAPHsyvdv2JvmW147j-Z9zrLmm8mX-UnlXv?key=z4R8oYBrKNCmhmkWixjaww" alt="El Salvador adds 162 Bitcoins to national holdings - 25">
 <figcaption class="wp-element-caption">
 BTC 24-hour price chart – Aug. 23 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">crypto.news</a>
 </figcaption>
</figure> 
El Salvador recognizes the U.S. dollar as a national currency, making it difficult to trade with Russia, whose access to the USD has been severely limited by the sanctions. Meanwhile, Bitcoin is up 0.8% in the last 24 hours, and 5.1% over seven days.&nbsp;It now has a market capitalization north of $1.2 trillion, which is more than 53% of the entire crypto market’s value. 
 Read more: <a href="https://crypto.news/sony-launches-soneium-blockchain-as-it-pushes-for-mainstream-web3-adoption/"> Sony launches Soneium blockchain as it pushes for mainstream web3 adoption </a>

El Salvador adds 162 Bitcoins to national holdings

crypto.news

Other articles published on Aug 23, 2024

POPCAT Soars as Binance Launches New Perpetual Contracts

China Recognizes "Virtual Asset" Transactions in New AML Law Interpretation Amid Crypto Unban Rumors

What is Tron Blockchain’s SunPump?

XRP on the Verge of Breaking a 2,424-Day Trend: A Bullish Rally Ahead?

WazirX says no crypto withdrawals, only 66% INR for users

SEC Strikes Out Richard Heart’s Bid to Scrap $1 Billion Lawsuit

Join our free newsletter for daily crypto updates!