Bitcoin

Secure

Million

when

<h2 id="key-points">Key Points</h2>
<ul>
 <li>El Salvador has transferred a significant amount of its Bitcoin holdings to a cold wallet.</li>
 <li>The country’s Bitcoin reserves are nearly double the previously known amount, according to the President.</li>
</ul>
<p>El Salvador’s President, Nayib Bukele, announced that a substantial portion of the country’s <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> reserves have been moved to a cold wallet.</p>
<p>This move, according to Bukele, is equivalent to establishing the nation’s first Bitcoin piggy bank.</p>
<h2 id="the-cold-wallet-move">The Cold Wallet Move</h2>
<p>Bukele explained that the cold wallet, which is stored in a physical vault within the country, now holds a significant amount of the nation’s Bitcoin.</p>
<p>The screenshot he shared indicates that the wallet received 5,689.69 BTC, valued at approximately $406 million at the time of the post.</p>
<p>This figure is nearly twice the value of the previously known Bitcoin holdings of El Salvador, which were estimated to be around $200 million.</p>
<p>Bukele has occasionally disclosed the country’s Bitcoin holdings on social media when purchases were made.</p>
<p>However, this is the first time he has associated the country’s holdings with a specific address.</p>
<h2 id="bitcoin-as-legal-tender">Bitcoin as Legal Tender</h2>
<p>In 2021, under Bukele’s leadership, El Salvador adopted Bitcoin as its legal tender.</p>
<p>Since then, the country has been periodically purchasing Bitcoin.</p>
<p>Bukele was re-elected for his second term as president last month.</p>

President Announces El Salvador’s $400 Million Bitcoin Relocated to Secure Cold Wallet

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