El Salvador’s Bitcoin portfolio swings to profit

The country’s Bitcoin investment has returned to profit after a devastating crypto winter.

According to a Dec. 4 post by Salvadoran President Nayib Bukele, the country’s cumulative Bitcoin (BTC) investments currently amount to $131 million with a net profit of $3.6 million, for a total gain of 2.84%.

“Of course, we have no intention of selling; that has never been our objective,” said Bukele.

On Dec. 1, Bukele resigned as the president of El Salvador following approval from the country’s legislative assembly, allowing him to take a leave of absence to focus on his 2024 reelection campaign.

Despite this, Bukele continued to dollar-cost-average the country’s Bitcoin investments, making repeated purchases throughout 2022. At one point in time, the country’s Bitcoin portfolio fell as low as $45 million from a book value of $103.9 million.

In 2021, El Salvador became the first country to adopt Bitcoin as legal tender. The International Monetary Fund has since warned that Bitcoin’s risks to El Salvador have “not materialized” due to limited adoption in the country.

Read more

Leave a Reply