Yesterday, President Nayib Bukele announced that the Government has chosen to transfer a large amount of Bitcoin to a cold wallet, as it is a much more secure storage option. Given these actions, international media highlighted the reserve of El Salvador’s cryptocurrency.
Media such as InfoBae, El Economista, Yahoo! Finance, France 24, among others, highlighted President Bukele’s actions to protect the country’s funds.
Physical devices for storing cryptocurrencies without an internet connection are known as “cold wallets.” The main function of cold storage lies in protecting digital currency holdings from different cyber risks and threats present online.
According to the image published with President Bukele, the physical wallet would store 5,689 bitcoins, with a value of $406,607,655 dollars.
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
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