El Salvador’s Bitcoin Portfolio “In The Black” After Price Rally

El Salvador’s Bitcoin Portfolio “In The Black” After Price Rally

El Salvador’s president Nayib Bukele said that despite how the Bitcoin
BTC
adoption in the country has been attacked and “ridiculed”, the country’s investment in BTC is “in the black”. Bitcoin’s price has been steadily rising the last 7 days, and with a new annual high of over $42,000, bitcoin’s price is starting to make headlines again, and so is El Salvador.

“After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on Bitcoin’s market price at the time, with the current Bitcoin market price, if we were to sell our Bitcoin, we would not only recover 100% of our investment but also make a profit of $3,620,277”, Bukele posted on X, adding a screenshot of nayibtracker.com, a website that tracks El Salvador’s bitcoin portfolio.

El Salvador started to acquire BTC back in September of 2021, as part of the strategy of adoption started with the Bitcoin Law. Bukele posted on X the acquisition of the first 200 coins at that moment. Since then, El Salvador’s president also reported several buys and, in November of 2022, he declared that El Salvador started to buy one bitcoin daily.

According to all this information and nayibtracker.com, El Salvador holds 2,762 bitcoin, with an average price of $42,433.42 and a current market value of over $115 million. The break-even bitcoin price for the El Salvador portfolio is over $42,500 per BTC.

Despite The Attacks, El Salvador Will Hold BTC For The Long-Term

But before this potential profits, the El Salvador portfolio has been reported several times, especially when affected by the downtrend of the BTC price since 2021, when it reached its All Time High price at $69,040.

Not only the local newspapers, but international and global media outlets have been reporting about the negative side of the bitcoin investment almost since then. But the El Salvador administration kept the bitcoin and they’ll continue doing so, according to Bukele.

“Of course, we have no intention of selling; that has never been our objective. We are fully aware that the price will continue to fluctuate in the future, this doesn’t affect our long-term strategy”, President Bukele confirmed on X.

El Salvador became the first country to declare bitcoin legal tender in 2021. Since then, the country and its bitcoin adoption is one of the main topics among the Bitcoin community globally. Institutions like Santander reported the positive impact of the Bitcoin Law and its combination with the reinforced security in the territory as a booster for more tourism and more investments.



https://www.forbes.com/sites/digital-assets/2023/12/04/el-salvadors-bitcoin-portfolio-is-near-break-even-after-price-rally/

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About the Author: Daniel