SAN SALVADOR — “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,” Bukele, who last month was re-elected to a second term as president, said in a post on X. “It’s not much, but it’s honest work.” According to Bukele’s social media account on Thursday, El Salvador’s bitcoin portfolio is at close to $407 million.
The true size of the holdings remains unclear, but a recent rally in bitcoin values has reignited interest in the world’s largest, if volatile, cryptocurrency. Bitcoin on Thursday hit a record high of $73,800. In September 2021, El Salvador became the first country in the world to establish bitcoin as legal tender, earning it harsh criticism. One of the strongest critics was the International Monetary Fund, which has been negotiating a large loan with the cash-poor country.
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