El Salvador President Says Country Moving Bitcoin Into Cold Storage Amid Daily One BTC Investment Plan

By The Daily Hodl March 18, 2024 In Bitcoin, El Salvador
Source: HODL15Capital/X

The President of El Salvador says that the country is now moving its Bitcoin (BTC) stash into cold storage.

In a new thread on the social media platform X, President Nayib Bukele says El Salvador will create a Bitcoin “piggy bank” and continue to implement its plan of accumulating one BTC per day.

“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. You can call it our first Bitcoin piggy bank. It’s not much, but it’s honest work.”

Cold storage allows you to hold digital assets on encrypted external hard drives that aren’t connected to the internet for security purposes.

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According to Bukele, the Central American nation will continue to purchase the top crypto asset by market cap on a daily basis until it is no longer affordable with fiat currencies.

Bukele also reposted data shared by crypto investor HODL15Capital indicating that hundreds of dollars worth of donations are pouring into El Salvador’s crypto wallet.

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Source: HODL15Capital/X

In 2021, El Salvador became the first nation in the world to designate the crypto king as legal tender.

Last year, the US government took an interest in El Salvador’s experiment with Bitcoin as a bipartisan group of Senators reintroduced a bill that would allow them to track and monitor the developments related to the nation’s adoption of the flagship digital asset.

Bitcoin is trading for $65,247 at time of writing, a decrease of over 4% during the last 24 hours.

Featured Image: Shutterstock/Giovanni Cancemi

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