El Salvador to Transfer Part of $407 Million Bitcoin Stash to Offline Vault

• El Salvador will transfer a "big chunk" of its bitcoin assets to a cold wallet stored in a physical vault within the country • As of Thursday, El Salvador's bitcoin portfolio is valued at around $407 million • In 2021, El Salvador became the first country to establish bitcoin as legal tender • The IMF has criticized El Salvador's bitcoin adoption and is negotiating a loan with the country • President Bukele plans to build a tax-free "Bitcoin City" powered by geothermal energy