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El Salvador launches Bitcoin Treasury website for its $360 million BTC reserves
Last Updated: May 13, 2024 10:07am EDT | 2 minute read
El Salvador, famous for adopting Bitcoin as its legal tender in September 2021, has now introduced a cutting-edge online platform to track the country’s Bitcoin treasury.
The initiative, led by The Bitcoin Office, a Salvadoran government agency dedicated to overseeing Bitcoin-related projects, aims to offer public access to the country’s BTC investment data through a specialized mempool.
El Salvador launches public platform for transparency on Bitcoin holdings
El Salvador now has its own @mempool space where anyone can control ours #bitcoin treasury holdings.
See details in the next post. pic.twitter.com/PEpVemHoFO
— The Bitcoin Office (@bitcoinofficesv) May 12, 2024
The official announcement from the Bitcoin Office declared,
“EL SALVADOR NOW HAS HIS @MEMPOOL WHERE ANYONE CAN CHECK OUR BITCOIN TREASURE CHANCES.”
The introduction of this platform represents a significant step towards improving the financial transparency of government operations in El Salvador. The newly launched mempool-like website offers public access to El Salvador’s BTC investment data.
According to the website, the country holds 5,748.76 BTC, worth more than $352.8 million. The platform also reveals that the Salvadoran government acquired an additional 31 BTC in the last month and 7 BTC in the previous week.
The recent addition to its BTC reserves is in line with President Nayib Bukele’s visionary strategy, announced in November 2022, in which El Salvador aims to accumulate “1 bitcoin per day.” By actively increasing its Bitcoin reserves, El Salvador continues to position itself as a leader in Bitcoin and blockchain technology.
With the launch of this new website, El Salvador continues to lead the way in embracing Bitcoin and blockchain technology. Some advocates speculate that these strategic initiatives could position El Salvador as one of the richest and most innovative nations globally within the next few decades, fueled by the adoption of Bitcoin.
El Salvador’s Bitcoin Experiment: A Steady Journey Amid Volatility
El Salvador made headlines in September 2021 by becoming the first country to adopt Bitcoin as legal tender. The move aimed to foster financial inclusion, streamline remittance payments and promote financial innovation.
President Nayib Bukele’s decision has been criticized, particularly after the price of Bitcoin plummeted from its all-time high of $69,000 in November 2021. Despite the volatility, El Salvador has remained steadfast in its Bitcoin strategy, averaging the cost in dollars in the cryptocurrency since 2021, with an average purchase price of $43,097 per BTC.
With Bitcoin currently trading above $62,000, El Salvador’s holdings produced an unrealized profit of more than $57.4 millionaccording to the Nayib Bukele Portfolio Tracker website.
In a recent comment, Bukele, who secured re-election in February, pointed to mainstream media narratives about the government’s economic policies. He criticized the media focus on El Salvador’s Bitcoin holdings, highlighting the contrast in coverage between periods of low and high Bitcoin market prices.
Bukele highlighted the significant increase in Bitcoin’s market value, suggesting that if El Salvador sold its holdings now, it would make a profit of more than 40%. He reiterated the government’s position to hold onto Bitcoin, stressing that “1 BTC = 1 BTC” regardless of market fluctuations. Bukele highlighted the silence of media critics who had previously highlighted potential losses during Bitcoin’s price decline.
Despite the attention El Salvador’s adoption of Bitcoin has garnered, it stands as a singular example among nation-states in adopting a “Bitcoin standard.” While there are rumors that other countries may follow suit, no official announcement has been made.
However, it is speculated that if Bitcoin reaches $100,000, El Salvador could repay its loans to the International Monetary Fund, paving the way to financial independence.