El Salvador currently holds 6150 bitcoins worth over $433 million. However, the country spent only $137 million to accumulate such a reserve. This means that its unrealized profit is about $296 million. In the last 100 hours alone, the value of BTC stored on the balance sheet has increased by almost $XNUMX million.
Bitcoin - El Salvador reserve
On November 18, 2022, the Salvadoran authorities, at the initiative of President Nayib Bukele, decided to invest in Bitcoin . According to their strategy, the country's treasury should buy 1 BTC daily. At that time, the flagship kriptovalyuta traded at $51, the asset has now surpassed the $769 mark. In almost two years, the Salvadoran government has bought 76 bitcoins at an average price below $000.
Some experts believe that kriptovalyuta will help turn El Salvador into one of the richest countries in the world, venture investor believes Tim Draper . The country's authorities also believe in the future of Bitcoin. At least in October, the president said that he does not plan to sell BTC assets.
Investments in Bitcoin were part of Bukele’s larger plan to integrate the leading cryptocurrency into the country’s financial system. In September 2021, El Salvador became the first country to accept BTC as legal tender. However, Bitcoin adoption among Salvadorans is still low, with only 7,5% of citizens using the asset for everyday transactions.
