El Salvador recently launched a groundbreaking proof-of-reserves website, providing real-time insights into the country’s Bitcoin holdings through on-chain data analysis. The new online platform reveals that El Salvador currently possesses 5,748 BTC, which has a market value of approximately $360 million, with Bitcoin’s price hovering around $63,000.
In the past week alone, El Salvador augmented its Bitcoin reserves by purchasing seven BTC valued at over $438,000. Over the last month, the nation has added 31 BTC to its treasury, totaling an investment of $1.94 million. This strategy supports El Salvador’s goal of acquiring one Bitcoin daily to bolster its digital currency reserves.
Also Read: El Salvador Continues Its Bold Crypto Journey: A Daily Bitcoin Purchase Plan
El Salvador’s pioneering move in September 2021, to adopt Bitcoin as legal tender marked a significant milestone. This initiative was aimed at promoting financial inclusion, streamlining remittance transfers, and fostering financial innovation within the country. Despite facing criticism, particularly after Bitcoin’s sharp decline following the collapse of the FTX exchange, President Nayib Bukele has maintained his support for the digital currency.
Although Bitcoin’s value plummeted to as low as $16,000 in the recent bear market, causing substantial losses, the nation’s holdings are now showing an unrealized profit exceeding $57.4 million. Since initiating its Bitcoin investments in 2021, with an average purchase price of $43,097 per BTC, El Salvador’s strategic approach of dollar-cost averaging has yielded significant returns, especially with the current Bitcoin price surpassing $62,000.
