The Country Of El Salvador Has Released A Site To Monitor Bitcoin Ownership.
El Salvador is a country in Latin America which is very famous as the first country to adopt Bitcoin as the second legal currency in its country, as well as taking very definite steps in implementing a cryptocurrency investment strategy.
In fact, currently the country of El Salvador has provided public access for general use through a well-personalized mempool and launched proof of BTC reserves in the country using on-chain on a separate site.
This news was announced by the Bitcoin treasury of El Salvador via its official Twitter account on May 12, where this constitutional body is directly owned by the state and its government is very responsible for managing all projects related to Bitcoin.
According to the latest data from various sources that we currently have, the country of El Salvador has 6,000 BTC, where the total value of these BTC is around US$ 396.9 million or if converted into rupiah it is around...
Not only this, we have even confirmed the truth, which comes from the El Salvador political ministry that the country's government has purchased 31 BTC of BTC in the last month.
The new purchases made last month are part of the strategy implemented by the government to deal with the DCA problem which was announced by President Nayib Bukelee two years ago, to be precise in November 2022 last year.
In implementing the strategy that the government of El Salvador has, they will purchase 1 BITCOIN every day until BTC can no longer be reached using fiat currency to own it.
Bitcoin Adoption in El Salvador is Still Relatively Low Level.
Even though we have long heard that this country has a very firm commitment to implementing investment strategies in cryptocurrency, especially in BTC, this country is still at a relatively low level in implementing Bitcoin adoption as a whole.
According to data that we have studied from the Central American University José Simeón Cañas, of all residents in the country of El Salvador, only 13% will ever make transactions using Bitcoin in 2023 and these transactions are usually used to buy goods or to pay for a service.
El Salvador has 25% of the population adopting Bitcoin for transactions.
13% of local residents using this transaction indicates that the country of El Salvador has experienced a very significant decline in the use of Bitcoin. If we look at 2022 data shows that the country of El Salvador has 25% of the population adopting Bitcoin for transactions.
Even so, the potential that Bitcoin has to encourage financial inclusion, financial innovation, long-term investment and highly efficient remittances remains of interest to the country in the mission that has been established by El Salvador's constitution.
Even Tim Draper as one of the leading crypto analysts estimates that if Bitcoin reaches a price of up to US$100,000 then the country of El Salvador can be financially independent and can also pay their country's debt from the International Monetary Fund.
However, the price of Bitcoin is very dependent on institutional inflows from results that have been traded via the United States Bitcoin ETF exchange as well as other influences that occur in the global market.
Conclusion.
The launch of a site owned by the state of El Salvador is really very useful for everyone who owns Bitcoin, this way everyone can publicly monitor Bitcoin easily and freely and have a site that proves everyone's ownership.
El Salvador has proven that their country supports transparency and accountability in managing the currently small remaining Bitcoin reserves.
These steps are also very much in line with the DCA strategy echoed by President Nayib Bukelee, this is useful so that we can continue to accumulate Bitcoin on target even though we know that the price of Bitcoin fluctuates against the fiat currency that we currently use every day.