El Salvador Sees Increase in Value of Bitcoin Holdings
El Salvador’s Bitcoin investments have experienced a significant increase in value. After two years of remaining below their initial purchase value, the country’s holdings have now seen unrealized gains of approximately $12.6 million, according to data from Nayibtracker.
President Nayib Bukele has acknowledged this positive development, expressing satisfaction that the nation’s venture into cryptocurrency has finally become profitable.
Investment Journey and Portfolio Expansion
In September 2021, El Salvador acquired 700 units of Bitcoin at prices ranging from $47,250 to $52,670 per coin. This marked the initial phase of the investment journey.
The nation further expanded its cryptocurrency portfolio in November 2022, purchasing Bitcoin when its value was approximately $27,780. These investments bring El Salvador’s average cost of total Bitcoin holdings to around $42,440. Currently, the country holds 2,798 Bitcoin units valued at an estimated $131.3 million.
Unrealized Profits and Positive Outlook
The unrealized profits for El Salvador come from Bitcoin’s recent surge, with the leading token experiencing a 168% annual increase. BTC reached $47,000 for the first time in nearly 20 months, accompanied by a significant rise in trading volume across all exchanges.
The approval of the first-ever spot Bitcoin ETF by the SEC and the upcoming halving have contributed to growing bullish sentiments in the Bitcoin market. This potentially holds a positive outlook for El Salvador’s digital asset holdings.
Hot Take: El Salvador’s Profitable Bitcoin Venture
El Salvador’s investment in Bitcoin has finally turned profitable after initially remaining below its purchase value for two years. With unrealized gains of approximately $12.6 million, the country’s Bitcoin holdings have seen a significant increase in value. President Nayib Bukele expressed satisfaction with this positive development, marking a successful venture into cryptocurrency.
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