El Salvador Takes Bitcoin Holding to New Transparency Level

The government of El Salvador has taken a bold step toward accountability and transparency with regards to its Bitcoin holdings. The country recently launched a dedicated website to disclose information on its treasury holdings to the public.

The website launch was announced by the National Bitcoin Office, an agency created by the El Salvadoran government to oversee all initiatives involving Bitcoin in the country. The new website runs on a custom instance of the Mempool, one of the most popular Bitcoin block explorers.

El Salvador now has its own @mempool space where anyone can check out our #bitcoin treasury holdings.

See details in the next post. pic.twitter.com/PEpVemHoFO

— The Bitcoin Office (@bitcoinofficesv) May 12, 2024

With this groundbreaking move, citizens and bitcoin enthusiasts from around the world can easily track El Salvador’s treasury holdings as well as Bitcoin transactions in real-time via the website. The country currently has 5,748.76 BTC in its treasury, valued at 354,727,178 at press time.

By launching a website to disclose its Bitcoin holdings, El Salvador has reinforced its bitcoin accountability, setting a new standard for financial transparency in government activities.

El Salvador Doubles Down on Bitcoin

Since adopting Bitcoin as legal tender in 2021, the Central American nation has doubled down on its commitment to create a thriving bitcoin-friendly ecosystem.

Ultimately, the Salvadoran government intends to transform the country into a prosperous hub of opportunity, leveraging bitcoin and the Blockchain technology.

El Salvador’s president, Nayib Bukele, remains defiant about expanding the country’s bitcoin holdings. Consequently, the country adopted a Dollar Cost Averaging (DCA) strategy to buy one bitcoin every day. Bukele recently noted that this initiative would “continue until bitcoin becomes unaffordable with fiat currencies.”

The country’s commitment to its bitcoin policy was further demonstrated when it transferred “a huge chunk” of its treasury holdings to a cold wallet earlier in March.

As bitcoin’s popularity grows, adoption has continued to soar, especially with the approval of several spot Bitcoin exchange-traded funds (ETFs). According to a report by VanEckW, one of the largest ETF issuers in the world, institutional interest in bitcoin has spiked in recent months, with over $175 billion worth of BTC held by ETFs, countries like El Salvador, and other public and private companies.