El Salvador transfers ‘big chunk’ of Bitcoin assests to cold wallet

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By LatAm Reports Staff Writers

The President of the Republic, Nayib Bukele, announced Thursday that he will transfer a large part of the bitcoins purchased in El Salvador’s name to a cold wallet.

As usual, the announcement was made through an account publication in X, where he pointed out that the purse will be protected in a physical vault within our national territory.

In cryptocurrency jargon, a wallet or cold storage is not connected to the internet so it is protected from cyber threats. Unlike physical money, bitcoin exists in digital terms and is vulnerable to attacks that can steal coins.

Basically the password is saved on a device and its function is to protect cryptocurrencies that will not be used in the short term, as a kind of saving – that will depend on the swing of the market.

Can you call it our first bitcoin upch. “It’s not much, but it’s an honest job,” the president wrote.

Similarly, the president detailed that 5,689 were transferred that the current price of the cryptocurrency represents a little more than $406.6 million.

This amount is higher than previous calculations from Bukele’s posts on social media, where the government was estimated to have bought 2,864 coins at a cost of $122 million.

The Bukele Administration began buying bitcoins when the adoption of the cryptocurrency was formalized in September 2021. So far, the government has not given up on how much money or how many bitcoins are in El Salvador’s name.

After two years below the $40,000 mark, this 2024 the cryptocurrency’s quotation had a strong push that led it to beat a record by reaching a price of $72,000 on March 11.

This is its best value since its launch in 2008 and responds to market optimism about the approval of the U.S. stock market regulator of the first bitcoin-linked investment fund (ETF), which allows people to benefit from the quotation without being held by the cryptocurrency.

This article has been translated from the original which first appeared in Diario El Mundo