El Salvador announces holdings through Mempool

El Salvador, known for its groundbreaking move to adopt Bitcoin (BTC) as legal tender, has taken another major step in its cryptocurrency investment strategy. The government has introduced public access to Bitcoin investment data through a personalized mempool, providing transparency into its crypto holdings.

According to the latest data from the mempool, El Salvador currently holds 5,748.76 BTC, worth more than $352.8 million. This move aims to improve transparency and accountability in the management of the country’s Bitcoin investments.

The Bitcoin Office, a government-run entity responsible for overseeing Bitcoin-related projects, announced announced this development via his official Twitter account on May 12. They emphasized that anyone can now access information about El Salvador’s Bitcoin treasury. Furthermore, the mempool data reveals that the government of El Salvador acquired another 31 BTC in the past month.

Nayib Bukele’s DCA Strategy This purchase is part of the Dollar Cost Averaging (DCA) strategy initiated in November 2022 by the President of El Salvador, Nayib Bukele. Bukele had announced that the government would buy 1 BTC daily until Bitcoin became unaffordable with fiat currencies.

The transparency of El Salvador’s Bitcoin holdings has been widely praised by the crypto community. Criptolawyera prominent figure in the Latin American crypto community and founder of Legalrocks, a consultancy for legal matters related to Bitcoin, expressed his support for the initiative.

She emphasized that the government’s decision to publish its BTC holdings allows anyone in the world to monitor their Bitcoin reserves in real time, promoting trust and accountability.

Despite the government’s proactive BTC investment strategy, Bitcoin adoption rates in El Salvador remain modest. According to a study by José Simeón Cañas Central American University, only 12% of locals in El Salvador used Bitcoin at least once to pay for goods and services in 2023.

El Salvador’s move to provide public access to its Bitcoin investment data through a personalized mempool shows its commitment to transparency and accountability in managing its crypto assets.

This initiative is expected to inspire greater confidence among investors and the global crypto community, paving the way for further adoption and investment in Bitcoin and other cryptocurrencies.