El Salvador, renowned for its pioneering move to adopt Bitcoin (BTC) as legal tender, has taken another significant step in its cryptocurrency investment strategy.
The government has introduced public access to Bitcoin investment data through a personalized mempool, offering transparency in its crypto holdings.
As per the latest data from the mempool, El Salvador currently holds 5,748.76 BTC, valued at over $352.8 million. This move aims to enhance transparency and accountability in the management of the country’s Bitcoin investments.
El Salvador and Bitcoin Investments
The Bitcoin Office, a government-owned entity responsible for overseeing Bitcoin-related projects, announced this development through its official Twitter account on May 12. They emphasized that anyone can now access information about El Salvador’s Bitcoin treasury holdings.
Moreover, the mempool data reveals that the Salvadoran government has acquired an additional 31 BTC over the past month.
DCA Strategy by Nayib Bukele
This purchase is part of the Dollar Cost Averaging (DCA) strategy initiated by El Salvador President Nayib Bukele in November 2022. Bukele had announced that the government would buy 1 BTC daily until Bitcoin became unaffordable with fiat currencies.
The transparency of El Salvador’s Bitcoin holdings has been widely praised by the crypto community. Criptolawyer, a prominent figure in the Latin American crypto community and founder of Legalrocks, a Bitcoin legal advisory firm, expressed support for the initiative.
She highlighted that the government’s decision to publish its BTC holdings allows anyone in the world to audit their Bitcoin reserves in real-time, promoting trust and accountability.
Adoption Rate of Bitcoin in El Salvador
However, despite the government’s proactive BTC investment strategy, the adoption rate of Bitcoin in El Salvador remains modest.
According to a study by José Simeón Cañas Central American University, only 12% of the local population in El Salvador used Bitcoin at least once to pay for goods and services in 2023.
El Salvador’s move to offer public access to its Bitcoin investment data through a personalized mempool demonstrates its commitment to transparency and accountability in managing its crypto assets.
This initiative is likely to foster greater trust among investors and the global crypto community, paving the way for further adoption and investment in Bitcoin and other cryptocurrencies.
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