The decision to make the transfer to a cold wallet came after El Salvador’s bitcoin treasury swelled unexpectedly, nearly doubling its previously known stash. The country had been acquiring bitcoin through various means, including daily purchases, sales of passports, currency conversions for businesses, mining and government services. This approach has dramatically increased El Salvador’s bitcoin holdings, which were believed to be less than 3,000 BTC before this revelation.
El Salvador Doubles Down on Bitcoin
