Crypto News Today- El Salvador Launches Bitcoin Treasury Oversight Site Worth $360 Million

El Salvador Launches $360 Million Bitcoin Treasury Monitoring Website

Crypto News– El Salvador has introduced its own proof-of-reserves platform, offering a range of tools to monitor the country’s Bitcoin holdings through on-chain data.

The online Bitcoin treasury of El Salvador furnishes real-time insights into the nation’s Bitcoin reserves. Presently, the Central American country holds 5,748 BTC, valued at approximately $360 million, with Bitcoin trading above the $62,700 threshold as of 8:20 a.m. UTC.

In the past week alone, El Salvador has purchased seven BTC, amounting to over $438,000. Moreover, in the last 30 days, the country has acquired a total of 31 BTC, valued at $1.94 million, as per the information available on the website.

El Salvador Holds $57 Million in Unrealized Bitcoin Profits

El Salvador has been steadily accumulating Bitcoin since 2021, with an average buying price of $43,097 per BTC. With the current price of BTC soaring above $62,000, El Salvador is sitting on an unrealized profit of over $57.4 million on its Bitcoin holdings, as reported by the Nayib Bukele Portfolio Tracker website.

According to popular venture capitalist Tim Draper, El Salvador’s Bitcoin holdings could serve as a crucial lifeline for the nation. Draper believes that if the price of Bitcoin reaches $100,000, the country could achieve financial independence and pay off its loans to the International Monetary Fund.

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.

Tim Draper

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