El Salvador will set aside more than $400 million in bitcoins, announces its president. Nayib Bukele announced his decision to “transfer a large part” of the bitcoins to ‘a cold wallet’ A “cold wallet” protects cryptocurrency investments by keeping them offline to prevent hacks.
In September 2021, El Salvador was the first country in the world to adopt it as one of its legal currencies. But 88% of Salvadorans did not use it in their transactions in 2023, according to a survey.