El Salvador leans on Bitfinex for daily bitcoin buy

Nayib Bukele, the self-described dictator of El Salvador, recently revealed the address where the country is storing the lion’s share of its Bitcoin holdings, 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo

This address reveals that El Salvador has more bitcoin than they had previously stated, and provides further insight into the relationship between the nation of El Salvador and the crypto exchange Bitfinex. A detailed review of the approximately 5,693 bitcoins in the cold wallet showed that 4,560 of these were received from an address believed to be Bitfinex.

The address has also continued to receive Bukele’s previously announced daily bitcoin purchases, which also appear to be coming from Bitfinex.

Bitfinex clearly plays an important role in the Bitcoin efforts of El Salvador, and El Salvador seems to be important for the broader ambitions of Bitfinex. El Salvador was the second country that Bitfinex Securities launched in.

Tether is also an investor in the “Volcano Energy” project in El Salvador; an ambitious plan to build a Bitcoin mining center powered by geothermal and wind energy. 

Bitfinex sister firm Tether has other connections to the government of El Salvador, including hiring DMM Consulting, a lobbying firm led by an advisor to Bukele. 

These transactions further illustrate the intimate relationship between the Central American dictator and the two globe-spanning cryptocurrency companies.

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