El Salvador Bitcoin gains $12.6 million after two years of decline
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El Salvador has observed a significant increase in the value of its Bitcoin holdings.
the past two years. El Salvador’s investment remains below its original purchase value. However, based on the data provided, the country’s current value has increased, with unrealized gains of approximately $12.6 million. naib tracker.
This positive development in El Salvador’s Bitcoin investment saga was acknowledged by El Salvador’s President Nayib Bukele, who expressed satisfaction last month, noting that the country’s investments in the cryptocurrency were finally turning a profit.
The initial phase of this investment journey began in September 2021, during which time El Salvador purchased 700 units of Bitcoin. These purchases were made over a two-week period and ranged in price from $47,250 to $52,670 per Bitcoin.
In an effort to further expand its cryptocurrency portfolio, El Salvador made its latest acquisition in November 2022, when Bitcoin was valued at approximately $27,780. This series of investments brings the total cost of Bitcoin held in El Salvador to an average of about $42,440. The country’s Bitcoin reserves currently stand at 2,798 units, worth an estimated $131.3 million.
El Salvador’s unrealized profits come from Bitcoin’s recent surge, as the leading coin is up 168% year over year. Yesterday, BTC reached $47,000 for the first time in nearly 20 months, and trading volumes across all exchanges also surged.
Growing bullish sentiment in the Bitcoin market with the SEC’s approval of the first spot Bitcoin ETF and the upcoming halving could bring a positive outlook for El Salvador’s holdings of the digital asset.
