El Salvador Launches Reserve Proof Website To Monitor Country's Bitcoin Ownership

El Salvador's President, Nayib Bukele, continues to target Bitcoin (photo: x @adam3us)

JAKARTA - El Salvador has launched a backup proof website featuring various tools to monitor the country's Bitcoin holdings using on-chain data. The website provides real-time data on the country's Bitcoin reserves. Currently, El Salvador officially owns 5,748 BTC worth about 360 million US dollars (Rp5.7 trillion) at a Bitcoin price trading above 62,700 US dollars (Rp1.01 billion) at 08:20 UTC.

El Salvador has purchased seven BTC worth more than $438,000 over the past week and added a total of 31 BTC worth $1.94 million over the past 30 days, according to the website. This purchase is in line with El Salvador's goal of adding 1 Bitcoin to its treasury every day.

El Salvador was the first country to adopt Bitcoin as legal tender in September 2021. The government aims to promote financial inclusion, facilitate more efficient remittance payments, and attract financial innovation.

El Salvador's Presidential Decree, Nayib Bukele, received widespread criticism after Bitcoin fell from its previous all-time peak of $69,000 in November 2021 following the fall of the FTX exchange. El Salvador's Bitcoin holdings fell deep in the red zone after Bitcoin fell to $16,000 during the bearish market.

El Salvador sits above BTC's unrealized profit of 57 million US dollars El Salvador has made average purchases into Bitcoin since 2021, with an average purchase price of 43,097 US dollars per BTC. With BTC trading above $62,000, El Salvador has an unrealized gain of more than 57.4 million US dollars on its Bitcoin holdings, according to website Nayib Bukele Portfolio Tracker.

El Salvador's Bitcoin ownership could represent a significant way of life for the country, said renowned venture capitalist Tim Draper. According to Draper, the country could soon become financially independent and pay off its loans to the International Monetary Fund if the price of Bitcoin reaches 100,000 US dollars.

Many popular crypto analysts have suggested that BTC will surpass the US$100,000 mark during the 2024 bull cycle until 2025. After the 2024 halving, Bitcoin can see the peak of the cycle above $150,000, according to a research report by Bitfinex analysts.

Using a simple regression model, we predict a 160% post-halving price spike in the next 14 months, bringing prices to between 150,000 - 169,000 US dollars.

The Bitcoin price action will rely heavily on institutional inflows from funds traded on the US spot Bitcoin exchange, which turned positive after three consecutive weeks of net outflows. The US Bitcoin ETF collected a total net inflow worth $413 million in the past week, according to Dune Analytics.