Believe it or not, there is a way to store your cryptocurrency physically. This method is called a cold wallet. And, El Salvador is taking this safekeeping strategy to the next level by securing their offline device in a vault. This is how the country’s president came to the decision…
El Salvador REALLY Believes in Bitcoin
On March 14, El Salvador’s president, Nayib Bukule, made an interesting announcement via X (formerly Twitter).
Although the cold wallet plan comes after the historic Bitcoin price surge, the country is a long-time crypto advocate…
In September 2015, El Salvador was the first country to establish Bitcoin as legal tender.
A STANCE THAT WAS HEAVILY CRITICIZED BY THE PUBLIC AND WORLD LEADERS ALIKE.
However, President Bukele is doubling down on legitimizing cryptocurrency in the Central American company.
But at the end of the day — digital currency or physical — it comes down to dollars and cents…
So, how much Bitcoin will be stored in the massive cold wallet vault?
How Much is Going to the Country’s Cold Wallet?
Unfortunately, El Salvador seems to harbor the sentiment that “one shouldn’t talk about money.” As such we don’t have specific figures.
Yet, there is a “confirmed” estimate. The “big chunk” being transferred will be worth approximately $400 million…
While the concept of cold wallet storage for crypto is not new, this is certainly the first of its scale.
There is still a large learning curve for Bitcoin in terms of stability and viability. We will have to see if El Salvador’s cold wallet is safer from flesh and blood criminals than cyber ones…
Be Great,
GCTV Staff
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