El Salvador is known for its efforts to promote the wider adoption of Bitcoin. The country recognized BTC as its second national currency. Therefore, it should not be surprising that El Salvador has launched a website whose task will be to monitor national BTC resources. In the last week alone, the state purchased 7 BTC for over $438,000.
Vault page of national BTC reserves – El Salvador has launched monitoring of Bitcoin resources
The actions of the El Salvador state to popularize Satoshi Nakamoto's cryptocurrency are often pioneering. We can mention here, for example, the innovative BTC mine powered by the power of a volcano. El Salvador is also the initiator of many initiatives that are then also considered by the rest of the world, which wants wider adoption of cryptocurrencies. One of such innovations is the introduction of a website monitoring live national BTC resources.
El Salvador has launched the website so that every citizen can track state reserves deposited in Bitcoin in real time. Currently, El Salvador holds 5,748 BTC worth approximately USD 360 million. Just in the last week, the government purchased 7 BTC for an amount of over USD 438,000. It is worth adding that the government's goal is to add 1 BTC to the treasury per day.
Will other countries follow El Salvador's path?
South America is one of the best examples of natural cryptocurrency adoption. El Salvador launched its program to accept Bitcoin as its national currency in September 2021. The nearly three-year internship allowed the state to check all the strengths and weaknesses of this solution, which is clearly visible in the new projects introduced by the Salvadoran government.
Although the vast majority of countries are very far from keeping their reserves in BTC, the trail blazed by El Salvador may prove to be like a signpost in the coming years. Countries in Europe and Asia are increasingly bold in looking at the opportunities offered by digital assets. This can be proven by the craze for BTC ETFs on Wall Street. Nevertheless, there is still a long way to go before BTC is adopted at the level of El Salvador in the countries of the broadly understood Western World.
