El Salvador to Transfer Significant Bitcoin Holdings to Physical Vault

President Nayib Bukele of El Salvador stated on Thursday that a significant portion of the country's bitcoin assets would be transferred to an offline device and securely stored in a physical vault within the nation's borders.

Bukele, who was re-elected as president for a second term last month, explained in a post on X, "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". He added, "It's not much, but it's honest work."

According to Bukele's social media account, El Salvador's bitcoin portfolio is valued at close to $407 million. While the exact size of the holdings remains unclear, a recent rally in bitcoin values has reignited interest in the world's largest, albeit volatile, cryptocurrency, reaching a record high of $73,800 on Thursday.