El Salvador Moves Bitcoin Holdings to Offline Vault – Stirs Global Interest

• El Salvador has initiated the transfer of a substantial part of its Bitcoin holdings into an offline vault.
• The country’s current Bitcoin portfolio is estimated at around $407 million.
• Following the announcement, the community contributed “rare sats” and Ordinals to El Salvador’s wallet.
• A notable transaction included transferring 4,000 BTC valued at approximately $273 million.
• Despite being legal tender in El Salvador since September 2021, 88% of Salvadorans have not used Bitcoin in 2023.

El Salvador has taken a bold step towards securing its national cryptocurrency assets by moving a significant portion of its Bitcoin holdings into an offline storage solution. President Nayib Bukele announced on Thursday that this move aims to safeguard these digital assets within the nation’s borders.

The Central American country made headlines in September 2021 by becoming the first nation globally to adopt Bitcoin as legal tender alongside the US dollar. This recent initiative further underscores El Salvador’s commitment to integrating cryptocurrency into its financial ecosystem.

As per President Bukele’s announcement, El Salvador currently boasts a Bitcoin stash worth approximately $407 million.

However, details regarding the exact size of its holdings remain undisclosed amidst growing global curiosity spurred by recent surges in cryptocurrency values.

Following this announcement, enthusiasts from around the world showed their support through donations made directly to El Salvador’s newly established cold wallet address.