El Salvador’s President Nayib Bukele has announced that the country is moving its Bitcoin holdings into cold storage. This move aims to enhance the security of the nation’s digital assets.
Cold Storage for Bitcoin
Cold storage involves storing cryptocurrencies on encrypted external hard drives that are disconnected from the internet. This measure protects the assets from potential hacks and online threats.
Daily Bitcoin Purchases Continue
Despite the move to cold storage, El Salvador will continue to purchase one Bitcoin per day, according to Bukele. This strategy will continue until the nation’s fiat currency reserves can no longer sustain the purchases.
Crypto Donations Pour In
Crypto investor HODL15Capital has reported a surge in donations to El Salvador’s crypto wallet. These contributions support the country’s Bitcoin adoption efforts.
El Salvador’s Bitcoin Journey
In 2021, El Salvador became the first country to recognize Bitcoin as legal tender. The US government has expressed interest in the nation’s experiment, with Senators reintroducing a bill to monitor El Salvador’s Bitcoin adoption.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $65,247, a decrease of over 4% in the past 24 hours.
