El Salvador to transfer 'big chunk' of bitcoin to physical vault

March 15, 2024

SAN SALVADOR (Reuters) -El Salvador will transfer "a big chunk" of its bitcoin assets to an offline device that will be stored in a physical vault within the Central American country's territory, President Nayib Bukele said 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," Bukele, who last month was re-elected to a second term as president, said in a post on X. According to Bukele's social media account on Thursday, El Salvador's bitcoin portfolio is at close to $407 million. In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, earning it harsh criticism. As he prepares to enter his second term as president, ground has yet to be broken on this so-called Bitcoin City.