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How much money has El Salvador made from holding BTC?
Author: Ezra Reguerra, CoinTelegraph; Translation: Deng Tong, Golden Finance
After BTC broke through $100,000 for the first time, Salvadoran President Nayib Bukele emphasized the unrealized gains the country has obtained from BTC investments on social media.
On December 5th, BTC reached $100,000 for the first time, triggering cheers in the Cryptocurrency community. On the same day, Autism Capital, an account on X focusing on Cryptocurrency, asked Buckle to share El Salvador's BTC investment portfolio to 'fight the enemy.' Buckle's response was to publish the country's BTC holdings on X.
Source: Nayib Bukele
The latest update from Booker shows that since the country first adopted Cryptocurrency, it has spent nearly 270 million dollars on BTC. The portfolio shows that BTC has not been sold, and the unrealized gains have exceeded 333 million dollars.
Salvador's BTC Journey
El Salvador is the first country to adopt BTC as legal tender. On September 7, 2021, the country's "BTC Law" came into effect, officially making BTC a legal currency for financial transactions within El Salvador. On September 6, the government also purchased the first batch of 200 BTC.
Since then, El Salvador has been buying Bitcoin. On November 17, 2022, Bukele announced a Dollar Cost Averaging (DCA) strategy, committing to buy one BTC every day.
The Nayib Tracker platform, which is dedicated to tracking BTC investments in the country, reported that El Salvador holds 6,180 BTC. The tracker estimates the average purchase price to be $44,739.88 per BTC, meaning that the country's BTC holdings have pumped 122% based on the current market price.
In addition to the BTC profits, since adopting BTC, El Salvador has also reported other benefits. The country's decision to adopt BTC has also promoted the development of the tourism industry.
International Monetary Fund calls on El Salvador to abandon BTC
Despite its success, the International Monetary Fund (IMF) has been urging El Salvador to reconsider its BTC policy.
On January 25, 2022, the International Monetary Fund (IMF) requested El Salvador to stop recognizing BTC as legal tender. The reason is that although recognizing BTC may improve financial inclusion, there are still financial stability risks.
On October 3, the International Monetary Fund once again called on El Salvador to scale back its BTC policies. Julie Kozack, the IMF's Communications Director, suggested narrowing the scope of the country's BTC law and limiting the public sector's exposure to BTC.