El Salvador will move “a significant portion” of its bitcoin assets to an offline device held in a physical vault on the Central American country’s territory, according to President Nayib Bukele.
El Salvador will transfer “a significant portion” of its bitcoin holdings to an offline device that will be housed in a physical vault on the Central American country’s territory, President Nayib Bukele announced on Thursday.
“We’ve decided to transfer a significant portion of our Bitcoin to a cold wallet and store that cold wallet in a physical vault within our national territory,” Bukele, who was re-elected president for a second term last month, said in a post on X. “It’s not much, but it’s honest work.”
According to Bukele’s social media account on Thursday, El Salvador’s bitcoin portfolio is worth about $407 million.
The precise quantity of the assets is unknown, but a recent surge in bitcoin prices has revived interest in the world’s largest, albeit volatile, cryptocurrency.
On Thursday, Bitcoin reached a record high of $73,800.
El Salvador became the first jurisdiction in the world to declare bitcoin legal tender in September 2021, prompting much criticism. One of the most outspoken detractors was the International Monetary Fund, which has been negotiating a substantial loan with the cash-strapped Philippines.
Bukele has even drawn up ideas for a tax-free cryptocurrency sanctuary fueled by geothermal energy from a volcano. As he prepares to begin his second term as president, ground has yet to be broken on this alleged Bitcoin City.
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