El Salvador is taking steps to secure its national Bitcoin holdings further further. President Nayib Bukele announced plans to transfer “a big chunk” of the country’s Bitcoin assets to an offline storage device known as a cold wallet. This cold wallet will be housed in a physical vault in El Salvador.
Bukele added humor on social media: “It’s not much, but it’s honest work.”
“We’ve decided to transfer a big chunk of our Bitcoin to a cold wallet and store that cold wallet in a physical vault within our national territory,” Bukele said in a social media post.
The exact amount of Bitcoin El Salvador plans to move remains unclear. However, Bukele’s social media account indicates the total value of the country’s Bitcoin portfolio sits at close to $407 million. This news comes amidst a recent surge in Bitcoin’s value, reaching a record high of $73,800 on Thursday.
We've decided to transfer a big chunk of our #Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory.
You can call it our first #Bitcoin piggy bank 🇸🇻
It's not much, but it's honest work 😂 pic.twitter.com/dqzedykxT1
— Nayib Bukele (@nayibbukele) March 14, 2024
El Salvador’s embrace of Bitcoin has been controversial. In September 2021, it became the first country in the world to adopt Bitcoin as legal tender, drawing criticism from organizations like the International Monetary Fund (IMF). The IMF is currently in negotiations with El Salvador for a significant loan.
President Bukele has also proposed the creation of a “Bitcoin City,” a tax-free haven powered by geothermal energy from a volcano. However, construction on this project has yet to begin as Bukele prepares for his second term as president.
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