Bitcoin, the biggest cryptocurrency asset globally, is still being increasingly used by more people. El Salvador recently moved a large amount of Bitcoin to its physical reserve. The president of El Salvador, Nayib Bukel, used the social media platform X (previously known as Twitter) to announce to the crypto community the latest updates on Friday. Bukele stated that the progressive Bitcoin nation moved a substantial amount of BTC into a secure “cold wallet” this week, sparking hope in the country. This action has generated optimism among the population. A recent report also highlighted how El Salvador’s venture into Bitcoin has proven profitable. The president also mentioned that the cold wallet will be stored in a physical vault located in the country’s territory. Keeping cryptocurrencies in a cold wallet offline reduces the risk of hacking as they are kept separate from the internet. Furthermore, it is considered a secure method for storing cryptocurrency assets in the long term. Bukele has referred to this initiative as El Salvador’s inaugural Bitcoin “savings account,” representing a significant milestone for the country. Despite the president’s belief that the transfer is minimal, he is certain that it is legitimate, indicating a level of transparency in the country. Details from a screenshot posted by Bukele reveal that El Salvador transferred a total of 8473,689 BTC to the cold wallet address 32ixEdvjWo…ZZeuwnqzo, which also represents the overall balance.