El Salvador Reveals $360M Bitcoin Treasury, Commits to Daily Purchases
May 14, 2024
El Salvador's National Bitcoin Office reveals over 5,700 BTC in holdings, valued at approximately $360 million.
The government introduced the Bitcoin Treasury Tracker for public transparency of Bitcoin holdings, currently at 5,748.76 BTC worth over $352.8 million.
El Salvador's strategy includes purchasing 1 BTC daily since November 2022, leading to an unrealized profit of $57 million.
President Nayib Bukele commits to retaining Bitcoin assets despite market volatility, with potential to pay off IMF loans if Bitcoin hits $100,000.
Analysts forecast Bitcoin may exceed $100,000 in 2024-2025, influenced by U.S. Bitcoin ETFs and institutional investments.
El Salvador's cryptocurrency investment carries high capital risk but could elevate its status to a wealthy, innovative nation if successful.
Summary based on 5 sources
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Sources
Cointelegraph • May 13, 2024
El Salvador launches $360M Bitcoin Treasury monitoring website
BeInCrypto • May 13, 2024
El Salvador Unveils Public Bitcoin Mempool, Showcases Nearly $353 Million Holdings
Cryptonews • May 13, 2024
El Salvador Launches Bitcoin Treasury Website For its $360 Million BTC Reserves
CryptoSlate • May 13, 2024
El Salvador reveals Bitcoin treasury holdings, totaling over 5,700 BTC worth roughly $360 million