El Salvador has noticed a significant rise in the value of its Bitcoin holdings.
Over the past two years. El Salvador’s investments remained below the initial purchase value. However, the country is now seeing an increase in value, with unrealized gains standing at around $12.6 million, according to data provided by Nayibtracker.
This positive development in the Bitcoin investment saga in El Salvador was recognized by President Nayib Bukele, who expressed satisfaction last month, noting that the country’s venture into cryptocurrency had finally become profitable.
The initial phase of this investment journey began in September 2021, during which El Salvador acquired 700 units of Bitcoin. These purchases, which took place over a two-week period, were at prices ranging from $47,250 to $52,670 per bitcoin.
To further expand its cryptocurrency portfolio, El Salvador made its most recent acquisition in November 2022, when Bitcoin was worth around $27,780. This series of investments brings the average cost of total Bitcoin holdings in El Salvador to approximately $42,440. The country’s Bitcoin reserves currently stand at 2,798 units, valued at approximately $131.3 million.
El Salvador’s unrealized profits come from Bitcoin’s recent rise, with the token rising 168% annually. Yesterday, Bitcoin reached $47,000 for the first time in nearly 20 months, as its trading volume also rose significantly across all exchanges.
With the hype surrounding the SEC’s approval of the first instant Bitcoin exchange-traded fund and the upcoming halving, the Bitcoin market is seeing increasing bullish sentiment, which could hold a positive outlook for digital asset holdings in El Salvador.