The post El Salvador’s Bitcoin Bet Is Now 3 Years Old, Here’s How It’s Going So Far appeared on BitcoinEthereumNews.com.

Three years ago, on September 7, 2021, the country of El Salvador shocked the world when its president, Nayib Bukele, announced that the country would be adopting Bitcoin as legal tender. Not only that, the county also began buying BTC to add to its reserves, growing that stash over the years. Now that the country is three years into its BTC bet, let’s take a look at how it’s going so far and if this investment was a wise decision in the long run. El Salvador’s Bitcoin Holdings The very first Bitcoin purchase by El Salvador, according to President Nayib Bukele, was made on September 6, 2021, one day before the announcement of the adoption of BTC as a legal tender. At the time, the country bought 400 BTC at an average price of $46,811, costing $18.724 million at the time. Since then, though, the Bitcoin treasury has grown largely, with multiple large buys following the initial one. Only one year from the first purchase, the country had gotten its BTC stash above the 2,300 BTC level. However, it didn’t stop there, with more Bitcoin purchases to come. At the time of writing, the country of El Salvador now owns a total of 5,867 BTC. The Nayib Tracker website shows that the average cost of this Bitcoin stash is $43,884, and with the BTC price sitting above $55,000 at the time of writing, it means that the country is seeing impressive profits on its holdings. The website data shows that the country is now sitting on a profit of $34.55 million from its Bitcoin purchases, This translates to a 25.88% gain on its BTC purchases over the last three years. Additionally, its BTC stash makes El Salvador the third-largest government holder of Bitcoin in the world. According to data from Arkham…

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Filed under: News - @ September 9, 2024 11:22 pm