El Salvador has made headlines this week as President Nayib Bukele announced the transfer of $400 million worth of bitcoin into a cold storage wallet, deemed the Bitcoin-forward Central American nation’s “first Bitcoin piggy bank.”

The cold wallet, securely stored in a physical vault within the country’s borders, initially contained 5,689.68 BTC, valued at $384 million as of today’s prices. This strategic move enables the country to safeguard its BTC holdings offline, reducing its vulnerability to internet-based threats such as hacking attacks.

El Salvador’s cold storage address — Mempool.spaceCold Storage Wallet: Increased Transparency

The decision to allocate a substantial…

Read more on bitcoinnews