El Salvador Bitcoin Strategy with Public Mempool
El Salvador, the Latin American country famous for accepting Bitcoin (BTC) as legal tender, recently made a big move in its cryptocurrency investment strategy. The government now provides public access to Bitcoin investment information through a personalized Mempool.
According to the latest Mempool data, El Salvador currently holds 5,748.76 BTC worth more than $352.8 million.
El Salvador increases transparency for Bitcoin investments
The Bitcoin Office, a part of the Salvadoran government that aims to manage all projects related to BTC, announced this new feature on their official X (Twitter) account on May 12.
“El Salvador now has its own collection point where anyone can consult our Bitcoin vaults,” the Bitcoin office said.
Read more: What is Dollar-Cost Averaging (DCA)?
In addition to tracking holdings, El Salvador's Mempool data shows the government bought an additional 31 BTC last month. This purchase is part of the Dollar Cost Averaging (DCA) strategy announced by President Naib Bukele in November 2022. BeinCrypto has previously stated that its management will buy 1 BTC every day “until Bitcoin becomes unpurchasable in fiat currencies.”
The crypto community also welcomed a member from El Salvador. He praised the transparency in El Salvador's bitcoin holdings. Cryptolawyer, a prominent figure in the Latin American crypto community and founder of Bitcoin legal advisor and consultant-Legalrocks, expressed her support.
“The government of El Salvador will publish its holdings in BTC so that anyone in the world can audit their Bitcoin holdings in real time,” said Criptolawyer.
Despite the government's strong BTC investment strategy, Bitcoin adoption in El Salvador is modest. According to a study from José Simeon Cañas University of Central America, only 12 percent of local residents in El Salvador will have used bitcoin once to pay for goods and services by 2023.
Read more: How to buy Bitcoin (BTC) and everything you need to know
This figure is a significant drop from 2022. During that period, 24.4% of Salvadorans were engaged in Bitcoin transactions.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
