Rumors are swirling online that El Salvador might be preparing to sell its substantial Bitcoin holdings. The speculation began after on-chain data showed the country's entire Bitcoin reserve, valued at over $600 million, was moved from a single wallet to 14 new ones.
El Salvador's official Bitcoin office confirmed the move, stating the 6,274 BTC ($677 million) was relocated to a total of 14 new wallets. To enhance security, each transaction was limited to 500 BTC. Previously, the entire reserve was held in one single address.
While El Salvador's government stated the move was to "mitigate cyberattacks," some crypto analysts and critics remain skeptical. One popular analyst on social media called the quantum computing excuse a "terrible lie," suggesting it was a "flimsy cover story." The analyst believes the country is likely preparing to sell or collateralize its Bitcoin, as using fresh wallets would make it easier to conduct over-the-counter (OTC) trades and sell in smaller portions without attracting too much attention.
Despite the online chatter, a sale would be a major reversal of President Nayib Bukele's long-standing strategy. As a prominent Bitcoin supporter, he has consistently stated that El Salvador would not sell its Bitcoin and has even gone against pressure from the International Monetary Fund (IMF) to abandon the country's Bitcoin initiatives.
While the "quantum threat" explanation might be questionable, moving a large sum of Bitcoin into multiple wallets does improve security, as it diversifies the risk. However, the lack of an official announcement before the transactions took place has fueled the intense speculation on social media.
September 2025, Cryptoniteuae