El Salvador Secures Massive Bitcoin Holdings in Physical Vault

El Salvador's President Nayib Bukele announced plans to transfer a significant portion of the country's bitcoin assets to a cold wallet stored in a physical vault within the country's territory, with the current bitcoin portfolio valued at close to $407 million. This move comes as bitcoin hits a record high of $73,800, reigniting interest in the cryptocurrency. El Salvador made headlines in 2021 by becoming the first country to adopt bitcoin as legal tender, despite facing criticism from entities like the International Monetary Fund. President Bukele has also proposed a tax-free crypto haven powered by geothermal energy, but progress on this initiative, known as Bitcoin City, has yet to materialize.