El Salvador Reports $12.6 Million Unrealized Profits on Bitcoin Investment

El Salvador has disclosed $12.6 million in unrealized profits from its bitcoin (BTC) investment, indicating a significant turnaround after two years in the red, according to data from Nayibtracker.

The country initiated its bitcoin accumulation in September 2021, acquiring 700 BTC over two weeks at a cost ranging between $47,250 and $52,670. President Nayib Bukele celebrated the investment’s success, declaring the nation “back in the black” last month.

The most recent bitcoin acquisition in November 2022, when prices were at $27,780, brought the average stash cost to $42,440. El Salvador currently holds 2,798 bitcoins, valued at $131.3 million.

The surge in Bitcoin prices, soaring by 75% since October, has substantially contributed to El Salvador’s positive investment outlook. This surge aligns with the anticipation surrounding the potential approval of a spot bitcoin ETF in the U.S. The Securities and Exchange Commission (SEC) is poised to decide this week.

JUST IN: El Salvador reports $12.6 million in unrealized profits from its #Bitcoin investment

This comes after 2 years of being in the red🚀 pic.twitter.com/MtA1BQp6yP

— BlockNews.com (@blocknewsdotcom) January 9, 2024

In 2021, El Salvador made history by becoming the first nation to adopt Bitcoin as legal tender. This move has since sparked speculation about other countries following suit, with Argentina being the center of attention. The recent appointment of President Javier Milei has fueled speculation that Argentina may embrace Bitcoin, especially as the country grapples with the challenges of hyperinflation.

El Salvador profits in bitcoin investment, coupled with the broader global interest in cryptocurrency, underscores the evolving role of digital assets in national financial strategies. As the SEC’s decision on the spot bitcoin ETF looms, the impact on Bitcoin’s trajectory and integration into national economic frameworks continues to be closely monitored.

This development also highlights the potential for blockchain and cryptocurrency to play a pivotal role in addressing economic challenges, offering an alternative approach to traditional financial systems.

The coming weeks will likely provide further insights into El Salvador’s Bitcoin journey and the broader implications for the global adoption of digital currencies.