El Salvador launches $360M Bitcoin Treasury monitoring website
El Salvador has launched its own proof-of-reserve website, featuring various tools for monitoring the country’s Bitcoin ( BTC ) holdings using on-chain data.
El Salvador’s online Bitcoin Treasury provides real-time data on the nation’s BTC reserves. The Central American nation officially holds 5,748 BTC, which is currently worth approximately $360 million, with Bitcoin tradeiabove the $62,700 mark as of 8:20 a.m. UTC.
El Salvador has bought seven BTC worth over $438,000 during the past week while adding a total of 31 BTC worth $1.94 million over the past 30 days, according to the website .
The purchases remain in line with El Salvador’s goal of adding 1 Bitcoin to its treasury every day.
El Salvador was the first country to adopt Bitcoin as legal tender in September 2021 . The country aims to promote financial inclusion, facilitate more efficient remittance payments, and attract more financial innovation.
Related: El Salvador’s Bitcoin wallet gets sats, cats and a cypherpunk manifesto
President Nayib Bukele's decision received widespread criticism after Bitcoin fell from its previous all-time high of $69,000 in November 2021 after the collapse of the FTX exchange . El Salvador's Bitcoin holdings fell deeply in the red after Bitcoin fell as low as $16,000 during the bear market.
El Salvador sitting on $57 million of unrealized BTC profit
El Salvador has been dollar-cost-averaging into Bitcoin since 2021, with an average buying price of $43,097 per BTC. With BTC trading above $62,000, El Salvador has an unrealized profit of over $57.4 million on its Bitcoin holdings, according to the Nayib Bukele Portfolio Tracker website.
El Salvador’s Bitcoin holdings could represent a significant lifeline for the nation, popular venture capitalist Tim Draper told Cointelegraph . According to Draper, the nation could soon become financially independent and pay off its loans to the International Monetary Fund, if Bitcoin price reaches $100,000.
Many popular crypto analysts have suggested that BTC will surpass the $100,000 mark during the 2024-2025 bull cycle. Following the 2024 halving , Bitcoin could see a cycle top of above $150,000 , according to a research report by Bitfinex analysts shared with Cointelegraph:
“Using a straightforward regression model, we predict a 160% post-halving price surge in the next 14 months, taking the price to between $150,000 - $169,000.”
Bitcoin’s price action will mainly depend on the institutional inflows from the United States spot Bitcoin exchange-traded funds (ETFs), which turned positive after three consecutive weeks of net outflows. The U.S. Bitcoin ETFs amassed a total of $413 million worth of net inflows last week, according to Dune Analytics .
Related: Altcoins will bottom in early summer before bull run — Analyst
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