El Salvador introduces innovative $360M website to monitor Bitcoin treasury

El Salvador has unveiled its own website to showcase its Bitcoin holdings and provide real-time data on the nation’s reserves. The Central American country currently holds 5,748 BTC, valued at around $360 million. Over the past week, El Salvador has purchased seven BTC worth over $438,000, and in the last 30 days, it has added a total of 31 BTC worth $1.94 million. These purchases align with El Salvador’s objective of acquiring 1 Bitcoin per day for its treasury. El Salvador made history in September 2021 when it became the first country to adopt Bitcoin as legal tender. The government’s decision to embrace cryptocurrency was met with criticism after Bitcoin experienced a significant drop in value following the collapse of the FTX exchange. However, El Salvador has been gradually accumulating Bitcoin since 2021, with an average buying price of $43,097 per BTC, resulting in an unrealized profit of over $57.4 million. This profit, along with the potential for the Bitcoin price to reach $100,000, could provide significant financial independence for El Salvador and enable the country to repay its loans to the International Monetary Fund. Crypto analysts predict that BTC could surpass the $100,000 mark during the 2024 to 2025 bull cycle, with some suggesting a cycle top above $150,000. The price action of Bitcoin will largely depend on institutional inflows from US spot Bitcoin exchange-traded funds, which have turned positive after several weeks of net outflows. In the past week alone, US Bitcoin ETFs have accumulated $413 million worth of net inflows.