El Salvador to transfer ‘big chunk’ of bitcoin to physical vault

On Thursday, President Nayib Bukele announced that El Salvador plans to transfer a significant portion of its bitcoin holdings to an offline device.

This device will then be securely stored within a physical vault located within the country’s territory in Central America.

“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, who last month was re-elected to a second term as president, said in a post on X. “It’s not much, but it’s honest work.”

As per Bukele’s social media update on Thursday, El Salvador’s bitcoin holdings stand close to $407 million. Though the precise extent of the holdings remains uncertain, a recent surge in bitcoin’s value has renewed interest in the world’s largest cryptocurrency, known for its volatility.

Bitcoin reached a new peak on Thursday, hitting a record high of $73,800, Reuters reported.

READ MORE: https://finance.yahoo.com/news/el-salvador-transfer-big-chunk-004554163.html

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