El Salvador has introduced a proof-of-reserves website that offers tools for monitoring the country's Bitcoin holdings using on-chain data.
El Salvador has introduced a proof-of-reserves website that offers tools for monitoring the country's Bitcoin holdings using on-chain data. The online Bitcoin treasury provides real-time information about El Salvador's BTC reserves. The nation currently holds 5,748 BTC, valued at approximately $360 million, with Bitcoin trading around $63,000.
Over the past week, El Salvador purchased seven BTC worth over $438,000, and in the last 30 days, it added a total of 31 BTC worth $1.94 million, according to the website. These acquisitions align with El Salvador's objective of adding one Bitcoin to its treasury daily.
El Salvador made history in September 2021 when it became the first country to adopt Bitcoin as legal tender. The government's decision aimed to promote financial inclusion, facilitate more efficient remittance payments, and attract financial innovation. President Nayib Bukele faced criticism after Bitcoin's price dropped from its previous all-time high of $69,000 in November 2021 following the FTX exchange collapse. El Salvador's Bitcoin holdings suffered significant losses, with Bitcoin plummeting to as low as $16,000 during the bear market.
However, El Salvador's Bitcoin holdings now have 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. With BTC trading above $62,000, the nation's Bitcoin investment has proven to be lucrative.
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