El Salvador receives Bitcoin donation after revealing on-chain address

El Salvador received Bitcoin donations after President Nayib Bukele shared the Central American country’s digital wallet address with the public.

On March 14 after on social media platform

The on-chain address, described by Bukele as the country’s “first piggy bank,” showed the government holding 5,689 BTC, equivalent to $383 million at the time of writing, according to BitInfoCharts. facts.

El Salvador’s BTC bag

This revelation reveals a significantly larger Bitcoin treasury for El Salvador than previously estimated. Public trackers such as Nayibtracker And Bitcoin treasuries had previously placed the country’s assets at 2,864 BTC, valued at $193 million.

Nevertheless, the sizeable coffers are consistent with recent revelations from Bukele, who highlighted multiple revenue streams beyond mere acquisition. These include BTC income from citizenship sales, currency exchanges for local businesses, mining operations, and other undisclosed government services.

Furthermore, President Bukele has consistently reiterated El Salvador’s commitment to holding onto its Bitcoin reserves, signaling a steadfast commitment to its long-term crypto strategy.

Donations and praise

After Bukele’s revelation, crypto enthusiasts praised the country’s move and quickly took off Sending small amounts of BTC and rare ordinal numbers in the wallet.

Paolo Ardoino, CEO of Tether, said No other country has such a good trajectory as El Salvador, while at the same time highlighting the country’s security, growth, economy and talent.

Femi Longe, a crypto stakeholder from Nigeria, said he “looks forward to a future where African countries hold some of their national reserves in Bitcoin instead of US dollars.”

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According to him:

“This would weaken the hold that the guardians of today’s global economy and monetary system have on our progress as a continent.”

Meanwhile, BitInfoCharts shows that the Central American country’s BTC wallet received more than $1,000 in BTC donations in 30 transactions.

In addition, Ordiscan reveals that the wallet features 67 Ordinal inscriptions, consisting of BRC-20 tokens, textual inscriptions, images and others.

The post El Salvador Receives Bitcoin Donation After Revealing On-Chain Address appeared first on CryptoSlate.

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