El Salvador has introduced a new website to keep track of its Bitcoin reserves. This online platform provides real-time information about the nation’s holdings of the cryptocurrency.
The website displays up-to-date data on El Salvador’s Bitcoin reserves. Currently, the country holds 5,748 BTC, valued at approximately $360 million. Bitcoin’s price is currently trading above $62,700.
El Salvador’s Recent Bitcoin Transactions
During the past week, El Salvador purchased seven BTC, equivalent to over $438,000. Over the last month, the nation acquired a total of 31 BTC, valued at $1.94 million, according to the website’s data.
El Salvador made headlines in September 2021 by becoming the first country to adopt Bitcoin as legal tender. This move aims to promote financial inclusion, streamline remittance payments, and attract financial innovation.
Criticism and Challenges
President Nayib Bukele’s decision faced criticism, particularly when Bitcoin’s price dropped from its previous all-time high of $69,000. The collapse of the FTX exchange further fueled concerns. El Salvador experienced losses as Bitcoin’s price plummeted to $16,000 during the bear market.
Since 2021, El Salvador has been steadily purchasing Bitcoin through a dollar-cost averaging strategy, with an average buying price of $43,097 per BTC. With Bitcoin now trading above $62,000, the nation has an unrealized profit of over $57.4 million on its Bitcoin holdings, as reported by the Nayib Bukele Portfolio Tracker website.
