May 23, 2024

In a move that showcases its commitment to embracing the digital future, El Salvador has launched a groundbreaking Bitcoin Treasury Monitoring Website. The proof-of-reserve website provides real-time proof of the nation’s Bitcoin reserves using on-chain data.

El Salvador currently holds 5,748 BTC worth around $360 million as of 8:20 AM UTC, when Bitcoin traded above $62,700. The unveiling of this website is a major step forward in the country’s journey toward financial transparency and global leadership in cryptocurrency adoption.

El Salvador Unveils Bitcoin Treasury Monitoring Website

The Central American country’s proof-of-reserves website allows the public to track El Salvador’s Bitcoin holdings in real time. It uses on-chain data to display the nation’s BTC reserves, trading activity, recent purchases, and overall performance in the volatile digital asset market.

El Salvador Introduces $360 Million PoR Website to Monitor Bitcoin Treasury

The website reveals that El Salvador acquired seven Bitcoin (BTC) worth $438,823 in the past week. Furthermore, over the last month, El Salvador has added 31 BTC to its treasury, valued at $1.94 million. This strategic approach aligns with the government’s ambitious target of adding 1 Bitcoin daily to its treasury.

El Salvador’s government aims to encourage financial inclusion and innovation and promote smooth and improved efficiency of remittance payments. This is why the country adopted Bitcoin as a legal tender in 2021. 

Since 2021, when the country started accumulating BTC, it has spent an average of $43,097 per BTC. Unfortunately, Bitcoin slipped off its 2021 all-time high of $69,000, attracting much criticism for El Salvador’s move.

El Salvador incurred substantial unrealized loss as BTC crashed to $16,000 in the last bear market. 

However, the tides have turned, given Bitcoin’s recent ascent above $73,000. With Bitcoin now trading around $62,700, Nayib Bukele Portfolio Tracker reveals that El Salvador’s unrealized profit on its BTC holdings has exceeded $57.4 million. 

BTC Price Surge to Drive More Gains

Renowned venture capitalist Tim Draper has hailed El Salvador’s Bitcoin holdings as a potential game-changer for the nation’s economic future. He stated that El Salvador could achieve financial independence if Bitcoin’s price hits $100,000.

He added that with such a price surge, it could even pay off its debts to international financial institutions such as the International Monetary Fund.

Analysts have predicted that Bitcoin will surpass the coveted $100,000 mark during the upcoming bull cycle, slated for 2024-2025. A recent research report by Bitfinex analysts suggested that Bitcoin could exceed $150,000 following the anticipated 2024 halving event.

Using regression model analysis, Bitfinex forecasts a remarkable 160% surge in Bitcoin’s price over the next 14 months. This surge will propel Bitcoin’s value between $150,000 to $169,000.

Bitfines identified the influx of institutional capital from the U.S. spot Bitcoin exchange-traded funds (ETFs) as the key factor that could drive this price movement.

After experiencing three consecutive weeks of net outflows, the tide appears to be turning, with U.S. BTC ETFs recording a noteworthy uptick in inflows.

According to data from Dune Analytics, spot BTC ETFs amassed an impressive $413 million in net inflows over the past week. Meanwhile, Bitcoin stands at $62,770, reflecting a 2.73% rise in the last 24 hours.

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