Since the implementation of the Bitcoin Law in late 2021, El Salvador has made Bitcoin purchases at each BTC price adjustment.
So far, the country has acquired 3,062 BTC at an average price of $40,594. However, according to Nayibtracker, as of October 24, the country faces unrealized losses exceeding $20 million, representing a loss of 17.27% of its investment.
In a surprising turn, El Salvador's investment in Bitcoin fell from $124 million to $102.8 million in a matter of hours.
This followed the U.S. Securities and Exchange Commission's (SEC) indictment of BlackRock Advisors LLC for failing to accurately describe its investments in the entertainment industry, resulting in a $2.5 million fine.
The sudden disappearance of BlackRock's iShares Bitcoin Trust (IBTC) from the Depository Trust & Clearing Corporation (DTCC) list also contributed to this pullback.
Despite these challenges, El Salvador continues to bet on Bitcoin. Recently, the Bitfinex team visited the country to make a documentary highlighting Bitcoin adoption in the nation.
Additionally, El Salvador participated in the Plan B Forum in Lugano, where advances in BTC infrastructure in the country were presented.
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