El Salvador, breaking new ground as the first country to embrace Bitcoin as legal tender, has introduced a platform that offers public insights into its BTC investment data through a personalized instance of the open-source project mempool.space.
El Salvador bitcoin holdings, now at 5,748 BTC and valued at more than $360 million, demonstrate the country’s commitment to the digital asset.
The Bitcoin Office, a Salvadoran government-owned agency overseeing BTC-related projects, announced the platform on May 12, providing real-time access to El Salvador’s bitcoin treasury holdings. This step underscores the nation’s dedication to open governance and accountability.
As per the official reports, El Salvador purchased eight BTC worth more than $500,000 over the past week, adding a total of 32 BTC valued around $2 million in the last 30 days.
These holdings align with President Nayib Bukele’s ambitious Dollar Cost Averaging (DCA) policy, which started in November 2022 and commits El Salvador to purchasing one bitcoin daily.
The new platform not only highlights the Central American country’s embrace of Bitcoin but also sets a global benchmark for financial transparency in governmental operations.
The government’s unwavering commitment to bitcoin holdings was evident when, in March, it moved 5,689 BTC into an offline vault within the nation’s borders, marking the creation of its first official “bitcoin piggy bank,” according to President Bukele.
This move was intended to address security concerns by safeguarding the funds against potential cyberattacks.
The bitcoin community has widely welcomed El Salvador’s mempool, praising its transparency. Criptolawyer, a prominent figure in the Latin American digital asset community, commended El Salvador for its real-time publication of BTC reserves.
She highlighted the traceability of BTC transactions by stating:
“Some governments and countries always want to talk about the negatives of the use of the digital asset but they forget that within all the good, the traceability of each transaction and its immutability is there.”
On the other hand, Mempool also expressed its support on X and stated:
“We’re honored to support El Salvador in its adoption of Bitcoin by providing a custom instance of The Mempool Open Source Project for the bitcoin office.”
El Salvador Bitcoin Adoption: $57.4M in Unrealized Profits
El Salvador’s decision to adopt Bitcoin as legal tender in September 2021 was aimed to promote financial inclusion and streamline remittance payments.
However, President Bukele’s choice drew criticism after bitcoin’s price plummeted from its all-time high of $69,000 in November 2021 due to the collapse of the FTX exchange.
During the bear market, bitcoin’s price dropped to as low as $16,000, affecting El Salvador’s bitcoin holdings’ value in dollar terms.
Nonetheless, the country’s strategy of dollar-cost-averaging into bitcoin since 2021 has proved fruitful.
With an average buying price of $43,097 per BTC, El Salvador now boasts an unrealized profit of over $57.4 million on its bitcoin holdings, according to the Nayib Bukele Portfolio Tracker website.
El Salvador’s innovative integration of Bitcoin into its economy not only enhances financial transparency but also sets a precedent for other nations.
