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El Salvador’s Bitcoin Treasury grows by US$500 million as cryptocurrency rises and sparks global debates
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The government of El Salvador is reaping substantial rewards from its strategy of reserving Bitcoin, driven by the recent increase in the value of the cryptocurrency.
With around 6,153 bitcoins accumulated since the end of 2021, the country records unrealized gains of more than US$117 million, according to Nayib Bukele Portfolio Tracker.
The value of BTC, currently quoted above US$80,000, results in an 85% increase in the portfolio of the Salvadoran government, which is betting on cryptocurrency as a strategic reserve.
Since November 2022, the Salvadoran government has implemented a strategy of acquiring 1 BTC daily. To date, this tactic has accumulated 727 bitcoins, with an impressive return of 95.7%.
Bitcoin
The biggest appreciations, however, are associated with purchases made during the BTC low period in 2022, when 80 bitcoins were purchased for around US$19,000 each. These assets now show an appreciation of 332.8%, highlighting Bitcoin’s potential in times of crisis.
El Salvador’s portfolio began to show a positive balance at the beginning of 2024, after overcoming periods of unrealized losses. With the average purchase price of US$44,313 per bitcoin, the government would only face further losses if the cryptocurrency’s price fell below that level.
This result marks a turnaround in El Salvador’s bitcoin strategy, often criticized by analysts and politicians who considered investing in such a volatile cryptocurrency risky.
Despite the lack of a recent statement from Nayib Bukele, the country’s president, the positive impact of the growth of the Bitcoin treasury has been celebrated by supporters, including outside Salvadoran borders.
Rodrigo Icaza, member of the Panama Chamber of Digital Commerce and Blockchain, highlighted in a recent publication Bukele’s success in positioning himself as a pioneer in creating a Bitcoin reserve. “Bukele faced the battle in his country. May he enjoy the results”, declared Icaza, who works on Bitcoin regulation in his country.
The increase in the Salvadoran treasury with Bitcoin comes amid global discussions about the use of cryptocurrency as a strategic reserve. In countries like the United States, proposals led by senator Cinthya Lummis aim to include Bitcoin in national reserves, arguing that the cryptocurrency appreciates above inflation, outperforming other assets.
El Salvador’s Bitcoin Treasury grows by US$500 million as cryptocurrency rises and sparks global debates
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El Salvador’s Bitcoin Treasury grows by US$500 million as cryptocurrency rises and sparks global debates
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El Salvador’s Bitcoin Treasury grows by US$500 million as cryptocurrency rises and sparks global debates
