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<p>El Salvador is known to be the first country to consider <a href="https://coingape.com/el-salvador-creates-history-by-integrating-bitcoin-as-legal-tender-buys-21-million-in-btc/" rel="noopener noreferrer nofollow">Bitcoin as legal tender</a>. It has been crypto-friendly since 2021 and is again in highlights for its stake in Bitcoin. Recently, the nation has decided to safely keep $400 Million worth of Bitcoin in cold storage. It came amid the market fall where <a href="https://coingape.com/blog/bitcoin-price-is-crashing-whats-going-on/" rel="noopener noreferrer nofollow">Bitcoin was under 8% loss</a> from its value yesterday, and the crypto market was down.</p>
<p>So, what’s happening? Let’s discuss that in this blog.</p>
<h2 id="el-salvador-has-400-millon-worth-of-bitcoin">El Salvador Has $400 Millon Worth Of Bitcoin</h2>
<p>In an X post (previously known as Twitter), the president of El Salvador, Nayib Bukele, said that they are storing a big chunk of Bitcoin in a cold wallet to keep the crypto safe. The cold wallet itself is stored in a physical wallet within the country’s territory and is called the country’s first “Bitcoin Piggy Bank.”</p>
<p>The post included a picture of the wallet, carrying <a rel="noopener noreferrer nofollow" href="https://www.blockchain.com/explorer/addresses/btc/32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo">5,689.68 BTC worth $388.7 million</a> (as per the current Bitcoin price.) Bukele has made the wallet address public to the audience for the first time to track the movement and growth of Bitcoin.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">We've decided to transfer a big chunk of our <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> to a cold wallet, and store that cold wallet in a physical vault within our national territory.</p>
 <p>You can call it our first <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> piggy bank <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1f8-1f1fb.png" alt="🇸🇻" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>It's not much, but it's honest work <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f602.png" alt="😂" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/dqzedykxT1" rel="noopener noreferrer nofollow">pic.twitter.com/dqzedykxT1</a></p>
 <p>— Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1768425845163503738?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 14, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>It was an impressive move by Bukele, displaying their power in the crypto industry. The number of Bitcoins held by El Salvador is twice the expected number.</p>
<p>Nayib Bukele has always been vocal about their investment in Bitcoin and often shared new additions to the collection through social media posts. Based on those posts, analysts have predicted El Salvador to carry around $200 Million worth of Bitcoin, but it came out to be $411 Million on the day of the Bitcoin piggy bank announcement.</p>
<h3 id="bitcoin-price-falls-by-7">Bitcoin Price Falls By 7%</h3>
<p>Bitcoin price has fallen by 7% after setting an all-time-high record of $73750 on 14 March. It is trading at&nbsp; $67,741.9 after a 4.6% dip from yesterday. The market cap has also dropped to $1,329,333,878,226 after a 3.5% dip. However, the trading volume has surged over 76%, pushing the value to $81,813,090,750.</p>
<p><a rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/"><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/03/image-98.png" alt="Bitcoin Price Analysis" width="1023" height="406"></a></p>
<p>After being stuck in the bearish trends, Bitcoin has finally created an escape and got into a bullish zone from the start of this year. A significant price surge started to happen by mid-February, and as of now, it is trading above the previous ATH record.</p>
<p>BTC’s price fall has also affected the crypto market, leading to a price dump for many altcoins. The overall <a href="https://coingape.com/trending/why-crypto-market-has-crashed-today/" rel="noopener noreferrer nofollow">crypto market crashed by 5.85%</a> earlier today today. By now, it seems to have recovered some of the value, and now it has to see how the charts will turn tomorrow.</p>
<h2 id="conclusion">Conclusion</h2>
<p>Bitcoin’s popularity has undoubtedly grown over the years, and countries like El Salvador openly accept it as an investment option. The nation has recently locked its $400 million worth of Bitcoin in cold storage to keep it safe and grow more in value. The wallet address of the stored Bitcoin is public to the users to see what’s happening with them.</p>
<p>Read more about <a href="https://coingape.com/blog/meme-coins-outperforming-bitcoin-this-week/" rel="noopener noreferrer nofollow">Meme Coins Outperforming Bitcoin This Week</a></p>
<p>The post <a href="https://coingape.com/trending/el-salvador-sets-bitcoin-piggy-bank-with-400-mln-bitcoin/" rel="noopener noreferrer nofollow">El Salvador Sets Bitcoin Piggy Bank With $400 Mln Bitcoin</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

El Salvador Sets Bitcoin Piggy Bank With $400 Mln Bitcoin

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