The president of The Savior, Nayib Bukeleassured this Friday that the country will continue with the “program” purchasing a bitcoin daily, which will be stored in the “cold wallet” announced the day before.
“The 1 bitcoin a day program just deposited today’s bitcoin (Friday, in the cold wallet)”the president said in English in his X account.
According to Bukele, that purchase “keep going” until “bitcoin becomes unavailable with fiat currencies”which are those backed by national governments (such as the US dollar) and whose value is determined by the governments of the countries.
Bukele announced on November 16, 2022 that El Salvador would buy one bitcoin daily.
On Thursday the president announced that the country has put millions of dollars in bitcoin in a “cold wallet” or offline, this at a time when the cryptocurrency is registering records in its price.
The cold wallet seeks to protect cryptocurrency investment offline (without an internet connection) to prevent external hacker attacks.
According to data from the cold wallet, as of this Friday El Salvador has 5,690 bitcoins in it – which already includes the bitcoin purchased daily – for a value of US$394.04 million.
On Thursday, when Bukele announced the creation of the cold wallet, those values were US$406.6 million, which added up to 5,689 bitcoins.
The value of bitcoin reported this Friday is lower because the price of the crypto asset fell to US$ 69,265, while on Thursday the cryptocurrency was quoted above 73,000.
On September 7, 2021, at Bukele’s initiative, El Salvador became the first country in the world to legally put bitcoin into circulation on par with the US dollar, which was established in 2001 as legal tender.
88% of Salvadorans did not use bitcoin in their transactions during 2023, a survey by the private Central American University (UCA) said in January.
Source: Gestion
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