Bitcoin
El Salvador’s Bitcoin Strategy Advances with Public Mempool
El Salvador, a Latin American country famous for adopting Bitcoin (BTC) as its legal tender, recently made a significant move in its cryptocurrency investment strategy. The government now offers public access to Bitcoin investment data through a personalized mempool.
The latest mempool data reveals that El Salvador currently holds 5,748.76 BTC valued at over $352.8 million.
El Salvador Adds Transparency to Its Bitcoin Investments
The Bitcoin Office, a Salvadoran government-owned body aimed at managing all projects related to BTC, announced this new feature through their official X (Twitter) account on May 12.
“El Salvador now has its own mempool space where anyone can consult our Bitcoin treasury holdings,” The Bitcoin Office noted.
Read more: What Is Dollar-Cost Averaging (DCA)?
In addition to tracking the holdings, El Salvador’s mempool data unveils that the government has purchased an additional 31 BTC over the last month. This purchase is a part of the Dollar Cost Averaging (DCA) strategy announced by President Nayib Bukele in November 2022. BeInCrypto previously reported that Bukele said his administration would buy 1 BTC daily “until Bitcoin became unaffordable with fiat currencies.”
The crypto community also welcomed El Salvador’s mempool. They praised its transparency in El Salvador’s Bitcoin holdings. Criptolawyer, a prominent Latin American crypto community figure and founder of Bitcoin legal advisor and consultant—Legalrocks, expressed her support.
“The Government of El Salvador publishes its holdings in BTC so that anyone in the world at any time can audit their Bitcoin reserves in real-time,” Criptolawyer said.
Despite the government’s strong BTC investment strategy, the adoption rate of Bitcoin in El Salvador remains modest. According to a study from José Simeón Cañas Central American University, only 12% of the local population in El Salvador used Bitcoin at least once to pay for goods and services in 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 had engaged in Bitcoin transactions.
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