El Salvador’s investments continued to be less than what they had originally cost but the country is now seeing a rise in value, with unrealized gains totaling about $12.6 million, based on information from Nayibtracker.
President Nayib Bukele, who expressed joy last month, noted that El Salvador’s cryptocurrency business had finally proven lucrative. He hailed this great milestone in the country’s Bitcoin investment tale.
The next Bitcoin halving is in just 15,000 blocks. El Salvador purchased 700 Bitcoin units in September 2021, marking the start of this investing adventure. These acquisitions, which took place over a two-week period, ranged in price from $47,250 to $52,670 per Bitcoin.
In November 2022, El Salvador added another cryptocurrency to its portfolio with its latest purchase, which came at a time when the price of Bitcoin was roughly $27,780.
The average cost of El Salvador’s entire Bitcoin holdings after this series of investments is around $42,440. As of right now, the country has 2,798 Bitcoin reserves, worth an estimated $131.3 million.
Unrealized gains for El Salvador are a result of the current spike in Bitcoin, which has increased by 168% year over year. For the first time in almost two years, Bitcoin hit $47,000 yesterday, and trading activity increased dramatically on all platforms.
The Bitcoin market is seeing an increase in bullish sentiment due to the excitement surrounding the SEC’s approval of the first-ever spot Bitcoin ETF and the impending halving, which might be good news for El Salvador’s holdings of digital assets.