El Salvador President Naib Bukele’s new multimillion-dollar Bitcoin step.
El Salvador President Naib Bukele, who has taken many steps to make his country into a Bitcoin center, announced that they have stored more than 400 million dollars of Bitcoin in a cold wallet. Bukele, who has installed Bitcoin ATMs in the country and plans to establish a Bitcoin mining city powered by geothermal energy, is also known for the harsh measures he takes against criminal gangs. Bukele became a trending topic in the world with his tweets on this issue.
El Salvador President Naib Bukele said his country is storing more than $400 million worth of Bitcoin in an offline cold wallet as the cryptocurrency breaks new records. “We decided to transfer the bulk of our Bitcoin to a cold wallet and store this cold wallet in a physical vault in our national territory. You can call it our first bitcoin piggy bank,” Bukele said on social media site
Cold wallet is called storing Bitcoins offline to protect them against hacking attacks. Bukele shared a screenshot of the investment showing a total of 5.689.7 Bitcoins with a valuation of $406.6 million. Bukele’s move attracted attention during this period when Bitcoin broke a record by exceeding $73,000.
Big change on the streets of El Salvador
El Salvador became the first country to put Bitcoin into circulation as legal tender on par with the US dollar in September 2021. Since this date, the Bukele administration has been steadfast in its commitment to Bitcoin and integrated the digital currency into the country’s economy.
Additionally, the Bukele administration has launched several initiatives to promote the use of Bitcoin, including the deployment of Bitcoin ATMs in various parts of the country, the Chivo wallet project for the integration of digital currencies for the country’s citizens, and the plan for a Bitcoin city powered by geothermal energy obtained from the country’s volcanoes. In addition, the country launched the El Salvador Freedom Visa Program in partnership with the digital currency Tether. This project allows individuals to obtain El Salvador citizenship by investing in USDT or BTC.
He declared war against gangs
The significant reduction in gang-related violence thanks to Bukele’s security strategies has also increased his popularity among El Salvadorans. During the Bukele period, high security prisons were built and members of criminal gangs that had created an atmosphere of terror in the country for years were placed in these prisons, and the crime rate in the country decreased significantly. El Salvador was once the center of gangs operating in many parts of the world, such as MS13. The success of these initiatives has not only improved local living conditions, but also made El Salvador one of the world’s leading countries in digital currencies.
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