El Salvador, the first country to accept Bitcoin (BTC) as its official currency, has begun to reap the fruits of its bold move for BTC. According to data from Nayibtracker, which tracks the country's BTC assets, the Central American country has made $12.6 million in unrealized profit from its Bitcoin investment after being in negative for two years.
The total value of the country's Bitcoin assets is 2798 BTC, worth $131 million. The process began in September 2021, when El Salvador began purchasing Bitcoin, and over the course of two weeks, between $47,250 and $52,670 were paid for 700 BTC. Last month, President Nayib Bukele praised the investment as “we're back to profit”.
In an important announcement made on November 18, 2022, President Bukele declared that the country would purchase 1 Bitcoin every day. The average purchase price for these daily purchases was $27,781. With these purchases, a total of 418 BTC was collected, costing $11.6 million. With these daily BTC purchases, El Salvador made a profit of approximately $8 million.
After announcing that they would buy BTC daily, Bukele did not announce any bulk purchases.
*This is not investment advice.