El Salvador is witnessing a substantial surge in the value of its Bitcoin investments, marking a positive turnaround after two years of underperformance that kept the investments below their initial purchase price. Recent data from Nayibtracker indicates that the country is now reaping the benefits, boasting unrealized profits of approximately $12.6 million.
President Nayib Bukele acknowledged this favorable development last month, expressing his contentment that El Salvador's venture into the realm of cryptocurrency is finally proving profitable. The country initiated its Bitcoin investments in September 2021, acquiring 700 Bitcoins over two weeks at prices ranging from $47,250 to $52,670 each. In November 2022, El Salvador expanded its Bitcoin holdings further, when the cryptocurrency's price was around $27,780. This brought the average cost of the nation's total Bitcoin investment to approximately $42,440. Currently, El Salvador holds 2,798 Bitcoins, valued at around $131.3 million.
The recent uptick in El Salvador's Bitcoin value is credited to the cryptocurrency's substantial annual increase of 168%. Just yesterday, Bitcoin reached $47,000, a peak not seen in nearly 20 months, accompanied by a noticeable surge in trading volume across various exchanges. This bullish trend in the Bitcoin market, fueled by factors such as the SEC's approval of the first spot Bitcoin ETF and the anticipated halving event, paints a potentially positive future for El Salvador's digital asset investments.
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