According to CoinDesk, El Salvador has accumulated $12.6 million in unrealized profits on its bitcoin (BTC) investment after two years in the red. Data from Nayibtracker reveals that the country began purchasing bitcoin in September 2021, acquiring 700 BTC at prices ranging from $47,250 to $52,670 over a two-week period. President Nayib Bukele celebrated the investment's return to profitability last month.
El Salvador's most recent bitcoin purchase occurred in November 2022, when the cryptocurrency was valued at $27,780. This brought the average cost of the country's holdings to $42,440. Currently, El Salvador possesses a total of 2,798 bitcoin, worth approximately $131.3 million. Since October, bitcoin's value has increased by 75%, driven in part by the anticipated approval of a spot bitcoin ETF in the U.S. The Securities and Exchange Commission (SEC) is expected to announce its decision this week. In 2021, El Salvador became the first nation to adopt bitcoin as legal tender, and there is speculation that Argentina may follow suit as it grapples with hyperinflation under President Javier Milei.