El Salvador’s Bitcoin Strategy Yields $93.45 Million in Unrealized Gains

• El Salvador has successfully purchased one Bitcoin per day for 160 consecutive days, building a significant national cryptocurrency reserve.
• The nation’s cold wallet holds 5,851 BTC, valued at approximately $355.4 million, with an unrealized profit of $93.45 million.
• El Salvador plans to train 80,000 public employees in Bitcoin, expanding the nation’s commitment to cryptocurrency.

El Salvador, known for its pro-Bitcoin stance, has reached a significant milestone in its journey toward becoming a major holder of the world’s largest cryptocurrency. On August 23, the country marked its 160th consecutive day of purchasing Bitcoin, a strategy that began after the nation declared Bitcoin as legal tender in 2021.

Daily Bitcoin Acquisitions Continue

The commitment to acquiring one Bitcoin daily was first announced by President Nayib Bukele on November 17, 2022. He vowed to continue the purchases until the asset’s fiat price became unaffordable. After a resounding victory in his February re-election, Bukele reaffirmed his promise, and on March 16, El Salvador officially began its daily Bitcoin purchases.

Growing National Holdings

Since then, El Salvador has diligently added to its Bitcoin holdings. According to a post by Ember CN on X, the country’s cold wallet has successfully acquired one Bitcoin per day, bringing the total to 5,851 BTC. Based on current market prices, the value of El Salvador’s Bitcoin holdings stands at approximately $355.4 million. The nation’s average acquisition cost of $44,835 per Bitcoin results in an unrealized profit of $93.45 million, representing a 35% increase in value.

The El Salvadorian government’s continuous Bitcoin purchases reflect a long-term strategy, despite the cryptocurrency’s notorious volatility. On March 16, the price of Bitcoin hovered around $69,000, showcasing the potential risks involved. Nevertheless, the government remains steadfast in its approach.

Profitable Portfolio and Transparency

The nation’s investment in Bitcoin has proven to be profitable. To promote transparency, El Salvador launched a website in May that allows the public to track the country’s Bitcoin balance and on-chain transactions in real time. This initiative highlights the government’s commitment to openness regarding its cryptocurrency strategy.