El Salvador has launched its own website to provide real-time data on the nation’s Bitcoin reserves. The website, called the Bitcoin Treasury, allows users to monitor the country’s BTC holdings using on-chain data. Currently, El Salvador holds 5,748 BTC, valued at approximately $360 million. Over the past week, the country has purchased seven BTC worth over $438,000, and over the past 30 days, they have added a total of 31 BTC worth $1.94 million. These purchases align with El Salvador’s goal of adding 1 BTC to its treasury every day.
El Salvador made headlines in September 2021 when it became the first country to adopt Bitcoin as legal tender. The decision was aimed at promoting financial inclusion, facilitating more efficient remittance payments, and attracting financial innovation. The move received criticism, particularly after Bitcoin’s price fell from its all-time high of $69,000 in November 2021 following the collapse of the FTX exchange. During the bear market, El Salvador’s Bitcoin holdings experienced significant losses, with Bitcoin’s price dropping as low as $16,000.
Despite the challenges, El Salvador’s Bitcoin holdings now hold an unrealized profit of over $57.4 million. The country has been dollar-cost-averaging into Bitcoin since 2021, with an average buying price of $43,097 per BTC. If Bitcoin’s price reaches $100,000, venture capitalist Tim Draper believes that El Salvador could become financially independent and pay off its loans to the International Monetary Fund. Some crypto analysts predict that BTC could surpass the $100,000 mark during the 2024-2025 bull cycle, with a post-halving price surge of 160% within the next 14 months.
The future price action of Bitcoin will depend on institutional inflows from United States spot Bitcoin exchange-traded funds (ETFs). After three consecutive weeks of net outflows, U.S. Bitcoin ETFs recorded $413 million worth of net inflows last week. This data suggests that there is growing interest and investment in Bitcoin from institutional players. El Salvador’s Bitcoin holdings could prove to be a significant asset for the country, providing financial independence and opportunities for paying off debts if Bitcoin’s price continues to rise.
If Bitcoin reaches $100,000, the potential for financial independence for El Salvador is incredible!
El Salvador’s determination to add 1 BTC to its treasury every day is impressive! Building a strong foundation.
It’s great to see El Salvador continuously adding to its Bitcoin treasury. Building wealth for the future!
The future looks bright for El Salvador’s Bitcoin holdings! Let’s hope for continued success!
El Salvador is paving the way for financial inclusion by adopting Bitcoin as legal tender.
This is a bold move by El Salvador! Holding over $360 million in BTC is impressive!
It’s wishful thinking to believe that BTC will surpass the $100,000 mark anytime soon. It’s just speculation.
I’m thrilled to see El Salvador utilizing the potential of Bitcoin to its advantage!
The continuous emphasis on Bitcoin in El Salvador is causing more harm than good. They need to reconsider their priorities.
El Salvador’s BTC holdings have the potential to create incredible opportunities for the country’s financial independence! 💰🚀
It’s disappointing to see El Salvador putting so much faith in an unpredictable and volatile asset like Bitcoin.
It’s concerning to see El Salvador’s Bitcoin holdings experience such significant losses. This experiment has gone wrong.
The dip in Bitcoin’s price during the bear market was challenging, but El Salvador’s resilience paid off!
Kudos to El Salvador for taking such a courageous step in embracing Bitcoin! 🙌💙
Exciting times ahead! BTC’s post-halving surge could lead to massive gains for El Salvador.
El Salvador’s Bitcoin holdings can be a game-changer if institutional inflows continue to rise. 📈💼