El Salvador launches $360 million Bitcoin financial monitoring website
El Salvador has launched its own Proof-of-Holdings website with a variety of tools to monitor the country’s Bitcoin (BTC) holdings using on-chain data.
El Salvador’s online Bitcoin Treasury provides real-time data on the country’s BTC holdings. The Central American country officially holds 5,748 BTC, which is currently worth about $360 million, with Bitcoin trading above $62,700 as of 8:20 a.m. UTC.
According to the website, El Salvador purchased 7 BTC worth $438,000 over the past week and added 31 BTC worth $1.94 million in the past 30 days.
The purchase is consistent with El Salvador’s goal of adding 1 Bitcoin to its treasury every day.
El Salvador was the first country to adopt Bitcoin as fiat currency in September 2021. El Salvador aims to promote financial inclusion, promote more efficient remittance payments and attract more financial innovation.
Related: El Salvador’s Bitcoin Wallet Contains Satellites, Cats, and Cypherpunk Manifesto
President Nayib Bukele’s decision was widely criticized after Bitcoin fell from its all-time high of $69,000 in November 2021 following the collapse of the FTX exchange. El Salvador’s Bitcoin holdings fell significantly into the red after Bitcoin fell to $16,000 during a bear market.
El Salvador is sitting on $57 million in unrealized BTC profits.
El Salvador has dollar-cost averaged Bitcoin since 2021, with an average purchase price of $43,097 per BTC. According to the Nayib Bukele Portfolio Tracker website, with BTC trading volume above $62,000, El Salvador has unrealized profits of over $57.4 million in Bitcoin holdings.
El Salvador’s Bitcoin holdings could become a vital lifeline for the country, noted venture capitalist Tim Draper said. told Cointelegraph. According to Draper, if the price of Bitcoin reaches $100,000, the country could soon become financially independent and repay its loans to the International Monetary Fund (IMF).
Many prominent cryptocurrency analysts have suggested that BTC will surpass $100,000 during the 2024-2025 bull cycle. Bitcoin could hit cycle highs above $150,000 after the halving in 2024, according to a research report shared with Cointelegraph by Bitfinex analysts.
“Using a simple regression model, we predict a 160% surge in prices after the halving over the next 14 months, taking prices between $150,000 and $169,000.”
Bitcoin’s price movement will largely depend on institutional inflows into the US spot Bitcoin exchange-traded fund (ETF), which turned positive after three consecutive weeks of net outflows. According to Dune Analytics, U.S. Bitcoin ETFs recorded a total of $413 million worth of net inflows last week.
Related: Altcoins will bottom in early summer before bull market — analyst
