El Salvador’s Bitcoin earnings rebound with a staggering $12.6m surge following a two-year slump.
El Salvador has experienced a notable increase in the value of its Bitcoin investments over the past two years. Previously, the country’s investments had remained below their initial purchase value. However, recent data from Nayibtracker reveals that El Salvador’s Bitcoin holdings have seen unrealized gains amounting to approximately $12.6 million.
President Nayib Bukele expressed his satisfaction with this positive development, stating that the nation’s venture into cryptocurrency has finally become profitable. The acknowledgment of El Salvador’s Bitcoin investment saga comes after the country initially acquired 700 units of Bitcoin in September 2021. These purchases were made over a two-week period at prices ranging from $47,250 to $52,670 per Bitcoin.
El Salvador further expanded its cryptocurrency portfolio by acquiring more Bitcoin in November 2022, when the cryptocurrency was valued at around $27,780. As a result of these investments, the average cost of El Salvador’s total Bitcoin holdings is approximately $42,440. The country currently holds 2,798 units of Bitcoin, which are valued at an estimated $131.3 million.
The unrealized profits that El Salvador has gained from its Bitcoin investments can be attributed to the recent surge in Bitcoin’s value. The leading cryptocurrency has seen a 168% annual increase and reached $47,000 for the first time in nearly 20 months. This surge in value has also led to a significant increase in trading volume across all exchanges.
The Bitcoin market is currently experiencing growing bullish sentiments due to the hype surrounding the SEC’s approval of the first-ever spot Bitcoin ETF and the upcoming halving. These factors potentially indicate a positive outlook for El Salvador’s digital asset holdings.
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