Key Points
- El Salvador just revealed the launch of its proof-of-reserve website, monitoring the country’s Bitcoin holdings.
- They now own 5,748 BTC worth about $360 million.
The first country to adopt Bitcoin as legal tender back in 2021, El Salvador, launched its own proof-of-reserve website. It features tools that monitor the country’s Bitcoin holdings using on-chain data.
El Salvador’s online Bitcoin Treasury offers real-time data regarding the country’s Bitcoin reserves. They currently hold 5,748 BTC worth approximately $360 million at current prices.
At the moment of writing this article, BTC is trading at around $62.600, up by over 2% in the past 24 hours on CoinMarketCap. Earlier, the coin managed to surge above $63k.
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According to the website, El Salvador has bought 7 BTC worth $438,200 during the past week, and the nation added a total of 31 BTC over the past 30 days worth about $1,9 million.
El Salvador revealed the country’s goal of adding 1 Bitcoin to its treasury on a daily basis.
The nation was the first one to adopt Bitcoin as a legal tender back in September 2021, and with the move, they aim to promote financial inclusion while facilitating more efficient remittance payments and also attracting more financial innovation at the same time.
The country’s President Nayib Bukele’s decision received criticism following the fall of Bitcoin’s price from the previous ATH of $69k back in November 2021.
This was triggered by the FTX collapse. When Bitcoin’s price dropped to about $16k, the country’s BTC holdings fell, triggering lots of criticism from non-believers in BTC.
As Bitcoin is trading at around $62k, the country has an unrealized profit of more than $57.4 million, according to the data from Nayib Bukele Portfolio Tracker website.
El Salvador’s Bitcoin holdings aim to be a lifeline for the nation
Venture capitalist Tim Draper said that the country’s Bitcoin holdings could represent an important lifeline for the nation.
He believes that the country could soon become financially independent and pay off its loans to the IMF if Bitcoin reaches $100k.
Bitcoin reaching $100k is something that more important analysts have predicted, especially after the Bitcoin halving event, which took place on April 20.
Bitfinex analysts believe that BTC could see a cycle top of about $150k. They noted that using a straightforward regression model, a prediction of a 160% post-halving price surge in the next 14 months is viable.
This would take the price of Bitcoin somewhere between $150k and $169k.
El Salvador made headlines earlier when Binance announced bringing Law Enforcement Training to the Attorney General’s Office in the country.
Binance’s global Law Enforcement Training Program aims to advance collaborative security in the crypto industry.