🔥🔥🔥 #elsalvador Unveils Public #bitcoin Mempool, Showcases Nearly $353 Million Holdings
El Salvador, renowned for becoming the first country to adopt Bitcoin ($BTC ) as legal tender, has taken a notable step forward in its cryptocurrency investment approach. The government has introduced public access to Bitcoin investment data through a personalized mempool.
As per the latest mempool data, El Salvador currently holds 5,748.76 BTC, valued at over $352.8 million.
El Salvador Enhances Transparency in Bitcoin Investments
The Bitcoin Office, a Salvadoran government entity responsible for overseeing all BTC-related projects, announced this development via their official X (Twitter) account on May 12.
In addition to revealing the holdings, El Salvador's mempool data shows that the government acquired an additional 31 BTC in the past month. This purchase is part of the Dollar Cost Averaging (DCA) strategy initiated by President Nayib Bukele in November 2022. Bukele had previously stated that his administration would purchase 1 BTC daily "until Bitcoin became unaffordable with fiat currencies."
The crypto community has welcomed El Salvador's mempool, lauding its transparency regarding the country's Bitcoin holdings. Criptolawyer, a prominent figure in the Latin American crypto community and founder of the Bitcoin legal advisory and consultancy firm—Legalrocks, expressed her support.
"The Government of El Salvador discloses its BTC holdings to enable anyone worldwide to audit their Bitcoin reserves in real-time," Criptolawyer stated.
Despite the government's robust BTC investment strategy, the adoption rate of Bitcoin in El Salvador remains modest. According to a study conducted by José Simeón Cañas Central American University, only 12% of the local population in El Salvador utilized Bitcoin for payments for goods and services in 2023.
This figure represents a significant decline from 2022, when 24.4% of Salvadorans engaged in Bitcoin transactions.
Source - beincrypto.com
