“Bitcoin Fort Knox”: El Salvador Moves $411M in BTC to Cold Wallet

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“Bitcoin Fort Knox”: El Salvador Moves $411M in BTC to Cold Wallet
  • El Salvador President Nayib Bukele introduces the country’s first Bitcoin Piggy Bank.
  • The President announces the transfer of the country’s Bitcoin holdings to a transparent cold wallet.
  • Prominent figures like Wayne Vaughan and Kale Abe acknowledge the project as El Salvador’s Bitcoin Fort Knox.

In a recent development, El Salvador President Nayib Bukele introduced the Central American country’s “first Bitcoin piggy bank.” President Bukele shared an X post on March 15, announcing that the country has decided to transfer a significant amount of its Bitcoin holdings to a cold wallet.

According to President Bukele’s X post, this wallet would be stored in a “physical vault” within El Salvador’s territory. He acknowledged the project as an “honest work.” The post read,

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.

El Salvador was the first country to adopt Bitcoin as a legal tender. The nation embraced Bitcoin in September 2021 and remains committed to the cryptocurrency.

According to a screenshot shared by Bukele, the country has already transferred 5,689.68 BTC, worth $411 million, to the cold wallet. While Bukele shared the wallet address via his official X page, the community celebrated the transparency of the move. For instance, Brian Morgenstern, the Head of Public Policy at Riot Platforms, acknowledged the transparency of President Bukele’s new policy. Reacting to Bukele’s post, Morgenstern wrote,

The first Fort Knox of Bitcoin – that we know of- is in El Salvador. The US government and many others hold BTC, but not openly as a strategic reserve asset. This is a significant development.

The country’s groundbreaking move has received applause. Many prominent figures, including Tierion CEO Wayne Vaughan and analyst Kale Abe, described El Salvador’s cold wallet project as the country’s Bitcoin “Fort Knox.”

Herbert Esmahan, a political strategist from El Salvador, commented on the President’s post, stating, “Thankfully, we have a great president who continues fighting for the absolute sovereignty of our nation; he has successfully outsmarted the system.”

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