Bitcoin bets in El Salvador generate $13 million in profits

Data from Nayibtracker shows that El Salvador made nearly $13 million in unrealized profits from Bitcoin investments after two years of losses.

The country began buying Bitcoin in September 2021, paying between $47,250 and $52,670 for 700 BTC in two weeks. President Nayib Bukele happily declared the investment “profitable” last month.

The most recent purchase was in November 2022, when Bitcoin was priced at $27,780, resulting in an average holding cost of $42,440. El Salvador holds a total of 2,798 BTC ($131.4 million).

El Salvador Bitcoin Investment Chart. Source: Nayibtracker

Bitcoin has risen 75% since October on the impending approval of a Bitcoin spot ETF in the United States. The U.S. Securities and Exchange Commission (SEC) is expected to make a decision this week.

In 2021, El Salvador became the first country to adopt Bitcoin. There is speculation that Argentina will be the next to battle hyperinflation with the appointment of President Javier Milei.

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According to CoinDesk