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El Salvador was the first country to accept Bitcoin as legal cash in 2021, and it now has over 5,700 BTC.
Details of El Salvador's Bitcoin Monitoring Platform
El Salvador has developed its proof-of-reserves website, which includes various tools for tracking the country's Bitcoin holdings via on-chain data, as per Cointelegraph.
El Salvador's online Bitcoin treasury provides real-time information about the country's reserves. The Central American country legally owns 5,748 BTC, which is currently worth almost $360 million. Bitcoin traded above $62,700 as of 8:20 a.m. UTC.
According to the website, El Salvador purchased seven BTC worth more than $438,000 last week and added 31 BTC worth $1.94 million in the last 30 days.
The acquisitions align with El Salvador's daily goal of adding one Bitcoin to its treasury.
El Salvador became the first country to accept Bitcoin as legal money in September 2021. The government wants to increase financial inclusion, make remittance payments more efficient, and encourage financial innovation.
President Nayib Bukele's action drew widespread criticism after Bitcoin dropped from its all-time high of $69,000 in November 2021 following the collapse of the FTX market. El Salvador's Bitcoin holdings plummeted after the cryptocurrency dropped as low as $16,000 during the bear market.
Recent Bitcoin Purchases by El Salvador
El Salvador has been dollar-cost averaging into Bitcoin since 2021, with an average purchase price of $43,097 per BTC. With Bitcoin trading at $62,000, El Salvador has an unrealized profit of more than $57.4 million on its Bitcoin assets, according to the Nayib Bukele Portfolio Tracker website.
According to well-known venture capitalist Tim Draper, El Salvador's Bitcoin holdings could serve as a vital lifeline for the country. Draper believes that if the Bitcoin price reaches $100,000, the country will be able to become financially independent and repay its loans to the International Monetary Fund.
Many prominent cryptocurrency analysts predict that BTC will surpass $100,000 during the 2024-2025 bull cycle. According to a research paper shared with Cointelegraph by Bitfinex experts, Bitcoin may reach a cycle high of more than $150,000 following the 2024 halving.
"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,” the report noted.
Bitcoin's price motion will be primarily influenced by institutional inflows from US spot Bitcoin exchange-traded funds, which have turned positive following three weeks of net outflows. According to Dune Analytics, the US Bitcoin ETFs saw $413 million in net inflows last week.
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