El Salvador Redistributes $678 Million in Bitcoin to Multiple Wallets
El Salvador is redistributing its Bitcoin (BTC) holdings, worth nearly $678 million, into multiple wallets to enhance security amid concerns about quantum computing threats. The country currently holds 6,274 BTC, approximately valued at $108,655.94 per unit, with a recent decline of 1.14% in value.
Key Points
- El Salvador's Bitcoin reserve is divided into 14 wallets, each containing a maximum of 500 BTC.
- This strategy aims to mitigate risks associated with potential quantum attacks on cryptocurrencies.
- Officials emphasize that smaller wallet sizes reduce exposure and maintain transparency.
- Quantum computing poses risks to cryptographic methods, including those used by BTC, though significant impacts are not yet observed.
Recent advancements in quantum computing have raised concerns regarding the security of digital assets. While current encryption methods like Elliptic Curve Cryptography (ECC) are vulnerable, experts believe the technology will not imminently affect cryptocurrencies.