2024

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/el-salvador-continues-to-acquire-bitcoin/" data-wpel-link="internal">El Salvador Continues to Acquire Bitcoin</a> 
El Salvador, using blockchain data to track the country’s <a href="https://en.coin-turk.com/positive-signal-for-btc-price/" data-wpel-link="internal">Bitcoin</a> assets, has introduced its own proof of reserve website to the public. El Salvador’s online Bitcoin Treasury provides real-time data about the country’s Bitcoin reserves. The Central American country officially owns approximately 5,748 Bitcoins, currently valued at about $360 million, with the recent Bitcoin purchase average over $62,700. 
<h2 class="p1" style="text-align: justify" id="el-salvador-continues-buying-bitcoin">El Salvador Continues Buying Bitcoin</h2> 
According to the website, El Salvador bought 7 Bitcoins worth over $438,000 last week, and a total of 31 Bitcoins worth $1.94 million in the last 30 days. These purchases continue in line with El Salvador’s goal of adding one Bitcoin to its treasury every day. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350796 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/el-salvador.png" alt="" width="641" height="778"> 
El Salvador became the first country to adopt Bitcoin as a legal tender in September 2021. The country aims to promote <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">financial</a> inclusion, facilitate more efficient remittance payments, and attract more financial innovation. President Nayib Bukele’s decision faced widespread criticism following Bitcoin’s fall from its all-time high of $69,000 in November 2021 after the collapse of the FTX exchange. El Salvador’s Bitcoin assets experienced a significant decline after Bitcoin’s bear <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> drop to $16,000. 
<h2 class="p1" style="text-align: justify" id="el-salvador-and-its-bitcoin-strategy">El Salvador and Its Bitcoin Strategy</h2> 
El Salvador has an average purchase <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> of $43,097 per Bitcoin since 2021. According to the Nayib Bukele Portfolio Tracker website, with Bitcoin trading transactions over $62,000, El Salvador has realized over $57.4 million in unrealized profits from its Bitcoin assets. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350795 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/nayib.webp" alt="" width="1596" height="820"> 
Prominent venture capitalist Tim Draper stated that El Salvador’s Bitcoin assets could be a significant lifeline for the country. According to Draper, if the Bitcoin price reaches $100,000, the country could soon become financially independent and pay off its debts to the International Monetary Fund. 
Many popular crypto analysts predict that Bitcoin will exceed $100,000 during the 2024-2025 bull cycle. According to a research report shared by Bitfinex analysts, after the 2024 halving event, Bitcoin could see a cycle peak above $150,000: 
<blockquote> 
 “Using a simple regression model, we predict a 160% price increase over the next 14 months after the halving, with prices reaching between $150,000 and $169,000.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350794 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/dune-2.webp" alt="" width="1669" height="791"> 
Bitcoin’s price movement will largely depend on institutional entries from US spot Bitcoin exchange-traded funds, which turned positive after three consecutive weeks of net outflows. According to Dune Analytics, US Bitcoin ETFs gained a total of $413 million in net entries last week. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/el-salvador-continues-to-acquire-bitcoin/" data-wpel-link="internal">El Salvador Continues to Acquire Bitcoin</a></h5>

El Salvador Continues to Acquire Bitcoin

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