How much does El Salvador lose money betting on Bitcoin?

Author: Mat Di Salvo, Decrypt;

El Salvador’s popular president, Nayib Bukele, was a big supporter of Bitcoin during the 2021 bull run. In the wake of a bull buying spree, the Salvadoran leader announced last November that the country would add one bitcoin a day to its balance sheet. ** Since then, everyone from university professors to U.S. legislators has harshly criticized him for his reckless behavior.

But how is this investment actually performing?

According to the NayibTracker website — which used the president’s Twitter to record how much bitcoin he bought (data is notoriously difficult to get from the government) and calculated the average cost in dollars — Bukeley, which invested 3,120 bitcoins, is now down nearly 8%. **

The average price of **BTC purchased by the eccentric former marketing executive is currently $40,498 per coin, according to the data. **

All told, he spent over $126 million on cryptocurrency; It is now valued at $116 million, which means that assets have decreased by more than $10 million, a drop of almost 8%. **

All of the BTC he bought was below the asset’s all-time high of $69,044 set in November 2021, and in fact, the most expensive batch was 420 Bitcoin, which sold for $60,345.

Therefore, it will take a while for him to see a profit. But it’s not all negative: El Salvador was expected to default on a huge national debt last year. Since then, the country’s bonds have paid off handsomely for investors.

Before Bukele became president, the small country of El Salvador was largely known for surfing, devastating civil wars, and gang violence. Since then, he has tried to turn it into a technology hub and attract foreign investment, including from China.

As the country’s notorious gangsters have been dealt with severely, the country’s murder rate has dropped significantly. Bukele hopes this will attract a vibrant expat community and discourage many Salvadorans from heading north to the United States.

Although Salvadorans seem to be more satisfied with the improved security situation in the country, Bitcoin has been a pain point.