With over 5,700 BTC in holdings, El Salvador was the first nation to accept Bitcoin as legal tender in 2021.
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With the help of on-chain data, El Salvador has introduced its own proof-of-reserves website with a number of tools for tracking its Bitcoin holdings.
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Real-time information on El Salvador’s Bitcoin reserves can be found on its official website, the Bitcoin Treasury. As of 8:20 a.m. UTC, the Central American country officially possesses 5,748 BTC, which is currently valued at about $360 million. As of this writing, Bitcoin is trading above $62,700.
According to the website, El Salvador has added 31 BTC worth $1.94 million over the last 30 days, and has purchased seven BTC worth more than $438,000 during the last week.
The acquisitions support El Salvador’s objective of bringing one Bitcoin into its treasury every day.
In September 2021, El Salvador became the first nation to accept Bitcoin as legal tender. The government wants to encourage more efficient remittance payments, foster financial innovation, and advance financial inclusion.
Following the collapse of the FTX exchange, which caused Bitcoin to drop from its previous all-time high of $69,000 in November 2021, President Nayib Bukele’s decision came under heavy criticism. After Bitcoin dropped as low as $16,000 during the bear market, El Salvador’s holdings of the cryptocurrency saw a sharp decline.
El Salvador Holds $57 Million in Unrealized Bitcoin Profits
Since 2021, El Salvador has been investing in Bitcoin dollar-cost averaging, with an average purchase price of $43,097 per BTC. According to the Nayib Bukele Portfolio Tracker website, El Salvador has an unrealized profit of over $57.4 million on its Bitcoin holdings, with BTC trading above $62,000.
The country of El Salvador may find a major lifeline from its Bitcoin holdings, according to well-known venture capitalist Tim Draper. If the price of Bitcoin hits $100,000, Draper believes the nation could soon achieve financial independence and be able to pay off its loans from the International Monetary Fund.
Several well-known cryptocurrency analysts have predicted that during the 2024–2025 bull run, Bitcoin will hit $100,000. According to a research report by Bitfinex analysts, Bitcoin may reach a cycle top of above $150,000 after 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 institutional inflows from the US spot Bitcoin exchange-traded funds, which reversed three weeks of net outflows, will be the primary driver of Bitcoin’s price movement. Dune Analytics reports that during the last week, net inflows into U.S. Bitcoin ETFs totaled $413 million.
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