El Salvador's Bukele to 'big chunk' of Bitcoin assets to a physical vault

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SAN SALVADOR — El Salvador will transportation “a large chunk” of its bitcoin assets to an offline instrumentality that will beryllium stored successful a beingness vault wrong nan Central American country’s territory, President Nayib Bukele said connected Thursday.

“We’ve decided to transportation a large chunk of our Bitcoin to a acold wallet, and shop that acold wallet successful a beingness vault wrong our nationalist territory,” Bukele, who past period was re-elected to a 2nd word arsenic president, said successful a station connected X. “It’s not much, but it’s honorable work.”

According to Bukele’s societal media relationship connected Thursday, El Salvador’s bitcoin portfolio is astatine adjacent to $407 million.

The existent size of nan holdings remains unclear, but a caller rally successful bitcoin values has reignited liking successful nan world’s largest, if volatile, cryptocurrency.

Bitcoin connected Thursday deed a grounds precocious of $73,800.

In September 2021, El Salvador became nan first state successful nan world to found bitcoin arsenic ineligible tender, earning it harsh criticism. One of nan strongest critics was nan International Monetary Fund, which has been negotiating a ample indebtedness pinch nan cash-poor country.

Bukele has besides sketched plans for a tax-free crypto haven powered by geothermal power from a volcano. As he prepares to participate his 2nd word arsenic president, crushed has yet to beryllium surgery connected this alleged Bitcoin City.