According to data from Nayibtracker, El Salvador is making nearly $13 million in unrealized profits from its Bitcoin investment after being in the red for two years.
The country began buying Bitcoin in September 2021, paying between $47,250 and $52,670 for 700 BTC over the course of two weeks. President Nayib Bukele was pleased to announce that this investment was “profitable” last month.
The most recent purchase was in November 2022, when Bitcoin was at $27,780, resulting in an average cost of holding of $42,440. El Salvador holds a total of 2,798 BTC ($131.4 million).
El Salvador Bitcoin Investment Chart. Source: Nayibtracker
Bitcoin is up 75% since October, thanks to the impending approval of a Bitcoin spot ETF in the United States. The 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 next following the appointment of President Javier Milei as the country battles a wave of hyperinflation.
