#News El Salvador sets aside over 400 million dollars in #BTC
President Bukele: 'It's our first crypto piggy bank'.
El Salvador's Nayib Bukele said his country has stored more than $400 million worth of bitcoin in an offline "cold wallet" as the cryptocurrency hits new record highs. "We have decided to move a big chunk of our bitcoin on a 'cold wallet' and to store it in a physical vault within our national territory," Bukele wrote on social media. “You can consider it our first bitcoin piggy bank,” added the young conservative leader.
The so-called “cold wallet” serves to protect cryptocurrency investments by keeping them offline to prevent hacker attacks.
El Salvador in September 2021 became the first nation in the world to legally circulate bitcoin as legal tender on par with the US dollar.
