El Salvador Bitcoin

YEREVAN (CoinChapter.com) — In September 2021, El Salvador became the first country worldwide to make BTC legal tender. Now, the country has set up a new website to track its large Bitcoin holdings.

Recent data shows El Salvador owns 5,748 BTC. With the current Bitcoin price of over $62,700, these holdings are worth about $360 million. Over the past week, El Salvador added seven BTC to its treasury, valued at approximately $438,000. Over the last month, this total reached 31 BTC, amounting to nearly $1.94 million, showcasing a clear, ongoing commitment to building its digital assets.

Bitcoin Balance Growth Chart — Source: Bitcoin.gob.sv
Bitcoin Balance Growth Chart — Source: Bitcoin.gob.sv

Keeping Tabs on Bitcoin: Live Updates

The newly unveiled El Salvador website leverages on-chain data to ensure transparency and up-to-the-minute accuracy of its Bitcoin holdings. This aligns with President Nayib Bukele’s strategy to foster financial inclusion and catalyze economic innovation through cryptocurrencies.

El Salvador’s Bitcoin investment strategy has paid dividends, with an average purchase price of $43,097 per Bitcoin, resulting in an unrealized profit of over $57.4 million. This financial uplift is not just numbers on a screen; it represents potential fiscal independence and the capability to repay international debts, such as those to the International Monetary Fund.

El Salvador's Bitcoin Purchase Trends and Price Analysis
El Salvador’s Bitcoin Purchase Trends and Price Analysis. Source: Nayibtracker

El Salvador’s Bitcoin Adoption Has Met Sour Response Globally

President Bukele’s and his administration’s decisions have not gone unnoticed on the global stage. Venture capitalist Tim Draper pointed out that El Salvador could soon reach financial autonomy if Bitcoin prices hit the anticipated $100,000 mark. Meanwhile, critics remain wary, recalling the steep drop in Bitcoin’s value following the FTX exchange collapse in 2021.

However, optimism is not scarce. Leading crypto analysts predict that Bitcoin could soar beyond $100,000 during the 2024-2025 bull cycle, post-Bitcoin halving. Bitfinex analysts support this bullish outlook, estimating a potential surge to between $150,000 and $169,000 in the next 14 months.

These predictions hinge on continued positive institutional inflows into U.S. spot Bitcoin exchange-traded funds, which have recently reversed from net outflows to amassing $413 million in a single week.

Source: Dune Analytics
Source: Dune Analytics

As El Salvador continues to navigate its path as a pioneer in the cryptocurrency realm, the world watches. The blend of strategic acquisitions and innovative transparency measures paints a promising picture of what national-scale adoption of digital currencies might look like. For now, El Salvador remains at the forefront, carving out a niche as a beacon of what’s possible in the financial future.

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