Bitcoin

El Salvador Unveils New Website to Monitor $360 Million Bitcoin Treasury

According to a report by cryptochronicle.xyz, El Salvador entered the history books in 2021 as the first country to make Bitcoin a legal tender, a move spearheaded by President Nayib Bukele. This decision has brought about significant financial advancements within the small Central American country. The latest development was El Salvador’s launch of a website to monitor its national Bitcoin treasury holdings, reaffirming its commitment to transparency in Bitcoin.

The website, hosted at bitcoin.gob.sv, provides real-time updates on the country’s Bitcoin reserves. The platform showcases how El Salvador has accumulated over 5,748 BTC worth approximately $360 million since 2021. This accumulation has been made possible through daily purchases of 1 BTC, larger bulk acquisitions, and mining with geothermal energy.

Initially, Bukele had shared a Bitcoin address for the public to track the nation’s holdings. The new website now serves as official proof of reserves, marking a significant step towards financial transparency in government operations. By leveraging the transparency of Bitcoin, El Salvador continues to set the pace for others to follow.

Despite short-term market fluctuations, El Salvador has already generated $57 million in unrealized profits through effective dollar cost averaging. The Bitcoin treasury tracker enhances transparency and confidence in the country’s innovative Bitcoin approach, paving the way for other nations to adopt similar strategies. The website is expected to attract more Bitcoin investments and foster innovation in El Salvador.

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