El Salvador has made headlines once again after announcing its ownership of 5,750 Bitcoin (BTC), valued at approximately $353 million. This follows the launch of a tracking website by the National Bitcoin Office to provide transparency on the treasury's BTC holdings .

El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender, under the leadership of President Nayib Bukele. Despite facing criticism from international entities like the IMF, Bukele initiated the purchase of Bitcoin using public funds last year .

A significant portion of the country's Bitcoin holdings has been relocated to a cold wallet to minimize security risks ³. Tim Draper, a venture capitalist, expressed his positive outlook on El Salvador's pioneering position, suggesting that if Bitcoin's price reaches $100,000, El Salvador could repay its debts to the IMF and potentially sever ties with the organization indefinitely.

Draper attributes the resistance to embracing crypto to a desire for control and aversion to change. El Salvador's commitment to innovation sets it apart, positioning it as a beacon of progress globally. Bitcoin is currently struggling to establish a sustained position above the crucial $64,000 resistance level, which influences its potential for further upward momentum and retesting its previous all-time high.

The forthcoming months will reveal the impact of ETF market approvals in Hong Kong and the US on Bitcoin's price, amid growing recognition and interest from institutional investors.