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El Salvador's BTC Bet Is $13M in Profit as Bitcoin ETF Approval Approaches
President Nayib Bukele hailed the investment as being "back in the black" last month.
El Salvador is sitting on $12.6 million in unrealized profits on its bitcoin [BTC] investment after being in the red for two years, according to data from Nayibtracker.
The country started buying bitcoin in September 2021, paying between $47,250 and $52,670 for 700 BTC over the course of two weeks. President Nayib Bukele hailed the investment as being "back in the black" last month.
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In November 2022, Bukele said El Salvador would purchase one bitcoin a day for the foreseeable future. Assuming it has done so, the country has since added 419 BTC to its stash, bringing the total to 2,798 bitcoin ($131.3 million).
Bitcoin has surged by 75% since October, buoyed by the impending approval of a spot bitcoin ETF in the U.S. The Securities and Exchange Commission (SEC) is expected to make a decision this week.
In 2021, El Salvador became the first nation to adopt bitcoin. There is speculation that Argentina will be next following the appointment of President Javier Milei as the country battles a wave of hyperinflation.
CORRECTION (Jan. 10, 16:11 UTC): Adds plan to purchase one bitcoin every day in third paragraph. An earlier version said the most recent purchase was November 2022.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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