El Salvador opened a website where Bitcoin reserves can be tracked.
#ElSalvador opened a website where Bitcoin reserves can be tracked.
El Salvador became the first country to accept Bitcoin as its official currency in 2021 and currently holds more than 5,700 BTC.
El Salvador has launched its own proof-of-reserve website, offering a variety of tools to track the country's Bitcoin reserves using on-chain data.
El Salvador's online #Bitcoin treasury provides real-time data on the country's Bitcoin reserves. As of May 13, 2024, El Salvador officially holds 5,748 BTC worth approximately $360 million.
According to the website, El Salvador purchased 7 BTC worth over $438,000 last week, while adding 31 BTC worth a total of $1.94 million in the last 30 days. These purchases aim to purchase 1 Bitcoin per day for El Salvador's treasury.
El Salvador became the first country to accept Bitcoin as its official currency in September 2021. The government aims to increase financial inclusion, facilitate more efficient remittance payments and encourage financial innovation.
President Nayib Bukele's decision came under widespread criticism after Bitcoin fell from its previous all-time high of $69,000 after the FTX exchange crash in November 2021. El Salvador's Bitcoin holdings lost significant value after Bitcoin fell as low as $16,000 during the bear market.
El Salvador has $57 million in unrealized Bitcoin profits
El Salvador has been dollar cost averaging on Bitcoin with an average purchase price of $43,097 per BTC since 2021. With Bitcoin currently trading above $62,000, El Salvador appears to have an unrealized profit of over $57.4 million on Bitcoin assets, according to the Nayib Bukele Portfolio Tracker website.
Prominent venture capitalist Tim Draper told Cointelegraph that El Salvador's Bitcoin assets could be a significant lifesaver for the country. According to Draper, if the Bitcoin price reaches $100,000, El Salvador could soon achieve financial independence and pay its debts to the International Monetary Fund (IMF).
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