2024

United

Bitcoin

El Salvador has launched its own proof-of-reserves website, featuring various tools for monitoring the country’s Bitcoin holdings using&nbsp;on-chain data.&nbsp;
El Salvador’s online Bitcoin treasury provides real-time data on the nation’s Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;reserves. The Central American nation officially holds 5,748 BTC, which is currently worth approximately $360 million, with Bitcoin trading above 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, <a href="https://bitcoin.gob.sv/" target="_blank" rel="noopener nofollow">according</a> to the website.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/a651570d-369d-4cd5-add4-cfce9581a93d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Bitcoin.gob.sv
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The purchases align with El Salvador’s goal of adding 1 Bitcoin to its treasury daily.
El Salvador was the <a href="https://cointelegraph.com/news/el-salvador-s-bitcoin-decision-tracking-adoption-a-year-later">first country to adopt Bitcoin as legal tender</a> in September 2021. The government aims&nbsp;to promote financial inclusion, facilitate more efficient remittance payments and attract financial innovation.
Related: <a href="https://cointelegraph.com/news/el-salvadors-bitcoin-wallet-vault-gets-ordinals-sats-donations">El Salvador’s Bitcoin wallet gets sats, cats and a cypherpunk manifesto</a>
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 <a href="https://cointelegraph.com/news/crypto-ftx-collapse-regulatory-evolution">collapse of the FTX exchange</a>. El Salvador's Bitcoin holdings fell deeply in the red after Bitcoin fell as low as $16,000 during the bear market.
<h2 data-ct-non-breakable="true" id="el-salvador-sitting-on-57-million-of-unrealized-btc-profit">El Salvador sitting on $57 million of unrealized BTC profit</h2>
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, <a href="https://nayibtracker.com/" target="_blank" rel="noopener nofollow">according</a> to the Nayib Bukele Portfolio Tracker website.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/71d1e0b0-9eb9-4373-92b1-9a14f5f21e29.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Nayibtracker
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</figure>
El Salvador’s Bitcoin holdings could represent a significant lifeline for the nation, popular venture capitalist Tim Draper <a href="https://twitter.com/TimDraper/status/1766171009793814636" target="_blank" rel="noopener nofollow">told</a> Cointelegraph. According to Draper, the country could soon become financially independent and pay off its loans to the International Monetary Fund if the Bitcoin price reaches $100,000.
Many popular crypto analysts have suggested that BTC will surpass the $100,000 mark during the 2024 to 2025 bull cycle. Following the <a href="https://cointelegraph.com/news/bitcoin-halving">2024 halving</a>, Bitcoin could see a <a href="https://cointelegraph.com/news/analysts-150k-btc-top-10-days-before-halving">cycle top of above $150,000</a>, according to a research report by Bitfinex analysts shared with Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/0de29618-b7b3-4676-a097-9f80d7cd45ba.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Dune Analytics
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Bitcoin’s price action will mainly depend on the institutional inflows from the United States spot Bitcoin exchange-traded funds, 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 in the past week, <a href="https://dune.com/hildobby/btc-etfs" target="_blank" rel="noopener nofollow">according</a> to Dune Analytics.
Related: <a href="https://cointelegraph.com/news/altcoins-bottom-early-summer-bull-run-analyst">Altcoins will bottom in early summer before bull run — Analyst</a>

El Salvador launches $360M Bitcoin treasury monitoring website

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