El Salvador’s Bitcoin Holdings Still in the Reds, But Losses Are Narrowing

In November 2022, Salvadoran President Nayib Bukele announced a national Dollar-Cost Averaging (DCA) program committing to buy one bitcoin per day. According to Bukele's public statement, the country already holds 2,381 bitcoins at an average price of around $44,300. At the time, the price was only $19,000, resulting in a loss of about $60 million in assets held by the country. Since then, Bukele has remained silent on El Salvador's purchasing behavior, and due to the lack of public government records, the exact amount of bitcoins held by the country is unclear.
Assuming that the country has indeed been buying one bitcoin per day over the past year, CoinDesk estimates that El Salvador's holdings will reach 2,744 bitcoins as of November 14th. Based on the median BTC price over these days, the country's average purchase price would drop to around $41,800. At current bitcoin prices, El Salvador's holdings would incur a loss of about $16 million.