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. "It's not much, but it's honest work."
According to Bukele's social media account earlier this week, El Salvador's bitcoin portfolio is just under $205 million, logging some $83 million in profit.
The true size of the holdings remains unclear, but a recent rally in bitcoin values has reignited interest in the world's largest, if volatile, cryptocurrency.
Bitcoin on Thursday hit a record high of $73,800.
In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, earning it harsh criticism. One of the strongest critics was the International Monetary Fund, which has been negotiating a large loan with the cash-poor country.
Bukele has also sketched plans for a tax-free crypto haven powered by geothermal energy from a volcano. As he prepares to enter his second term as president, ground has yet to be broken on this so-called Bitcoin City.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
'Rahul Gandhi deserted Amethi due to fear of Smriti Irani': How BJP plans to puncture Congress' UP plan
May 3, 2024 1:12 PM
'Don't be scared, don't run away', PM Modi tells Rahul for not contesting from Amethi
May 3, 2024 1:06 PM