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Bitcoin

El Salvador’s Bitcoin Treasury Surpasses $350 Million With 5,750 BTC Acquisition

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

El Salvador has once again made headlines as it announced its ownership of 5,750 Bitcoin (BTC), which is valued at approximately $353 million based on current market prices, according to Bloomberg. 

This revelation comes after the National Bitcoin Office launched a tracking website, developed in collaboration with mempool.space, to provide transparency regarding the treasury’s BTC holdings.

El Salvador’s Bitcoin Adoption Amid Criticism

The Central American nation, under the leadership of President Nayib Bukele, made history in 2021 by becoming the first country in the world to adopt Bitcoin as legal tender. 

However, this move has faced criticism from international entities such as the International Monetary Fund (IMF), which expressed concerns about potential risks to financial stability.

Related Reading: BlackRock’s Bitcoin ETF Secures Massive $99M Investment From Wisconsin State

Bukele, undeterred by the criticism, initiated the purchase of Bitcoin using public funds last year. In a strategic move to mitigate security risks, a significant portion of the country’s Bitcoin holdings has been relocated to a cold wallet, minimizing the vulnerability to hacking attempts and ensuring the safety of the nation’s digital assets.

IMF Independence Looms?

Venture capitalist Tim Draper, renowned for his investments in the crypto space, recently shared his insights on El Salvador’s pioneering position in an interview on the Web3 Deep Dive channel. 

Draper expressed his positive outlook, suggesting that if Bitcoin’s price were to reach $100,000, El Salvador would be capable of repaying its debts to the International Monetary Fund (IMF) and potentially severing ties with the organization indefinitely. 

The venture capitalist further speculated that the nation could emerge as one of the “most attractive destinations worldwide” due to its forward-thinking approach to adopting cryptocurrencies.

Related Reading: Crypto Faces 2 Crucial Weeks In US Congress: What You Need to Know

Draper also addressed the resistance countries and individuals who are hesitant to embrace crypto face. He attributed this reluctance to a desire for control and an aversion to change. 

Taking a subtle swipe at the United States, the VC billionaire emphasized that El Salvador’s commitment to innovation and pioneering spirit sets it apart, positioning it as a beacon of progress in the global landscape.

Bitcoin
The 1-D chart shows BTC’s price retesting the $61,000 support. Source: BTCUSD on TradingView.com

The leading cryptocurrency is currently struggling to establish a sustained position above the crucial $64,000 resistance level. This level holds significant importance as it directly influences Bitcoin’s potential for further upward momentum and a potential retesting of its previous all-time high (ATH) of $73,700, achieved on March 14. 

The forthcoming months will shed light on the impact that the approval of exchange-traded fund (ETF) markets in Hong Kong and the United States will have on Bitcoin’s price, particularly with the growing recognition and interest from institutional investors. 

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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