Bittime - El Salvador is back in the world spotlight in its efforts to pioneer Bitcoin adoption. This time, President Nayib Bukele announced plans to move "the vast majority" of the country's Bitcoin assets to offline devices that will be stored in physical vaults on El Salvador territory.
“We have decided to move most of our Bitcoins to cold wallets, and store them in physical vaults on our national territory,” Bukele said in a post on X. “It's not much, but it's hard work be honest."
The decision comes as Bitcoin hit a new record high of $73,800 on Thursday, reigniting interest in the world's largest cryptocurrency.
El Salvador Moves Bitcoin to Physical Vaults
El Salvador's move to move Bitcoin to physical vaults was based on a desire to increase the security of these digital assets. Cold wallets, which are not connected to the internet, are considered a more secure storage method compared to online wallets which are vulnerable to hacking.
However, the security of the physical safe itself is also a concern. The risk of natural disasters, theft, or even internal errors can lead to the loss of crypto assets.
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Concerns about El Salvador's Bitcoin Transparency
On the other hand, this move raises questions about the transparency of El Salvador's Bitcoin holdings . It is not yet clear how the government will audit their holdings and ensure their proper use.
These concerns were reinforced by criticism from the International Monetary Fund (IMF), which warned of the risks associated with Bitcoin adoption and urged El Salvador to increase transparency.
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On March 15, 2024, the price of Bitcoin BTC/USDT was at $67,968 per coin, down 7.28% in 24 hours.
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The Future of Bitcoin in El Salvador
El Salvador became the first country in the world to make Bitcoin an official means of payment in September 2021, a move that drew strong criticism from various parties.
Despite this, Bukele remains optimistic and even floated an ambitious plan to build a “Bitcoin City”, a tax-free crypto haven powered by geothermal energy from volcanoes.
However, without a strong regulatory framework and international support, the success of this project remains in doubt.
Conclusion
El Salvador's decision to move Bitcoin to physical vaults signals a new chapter in the adoption of this controversial cryptocurrency . While the move aims to improve security, it also raises questions about transparency and its potential to ease IMF concerns.
The future of Bitcoin in El Salvador is still shrouded in uncertainty, and much depends on their ability to overcome issues of security, transparency, and integration with the global financial system.
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Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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