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El Salvador made a big bet on Bitcoin exactly one year ago, making it an official legal asset alongside the U.S. dollar and filling its coffers with cryptocurrency in a series of purchases. However, the country seems to be facing significant losses related to its Bitcoin purchases.
El Salvador’s Bitcoin portfolio is down about 58 percent
It is currently unknown exactly how much Bitcoin El Salvador holds as the government has not made this official data public. But President Nayib Bukele of El Salvador revealed on Twitter last September that the country has bought 2,381 Bitcoins. If the above figure is maintained, El Salvador’s portfolio will fall by about 58% based on the purchase price compared to the current Bitcoin price.
While the public thinks that during the better part of this year El Salvador has depended on all its Bitcoin, Finance Minister Alejandro Zelaya revealed in an interview in June that the country sold some digital assets to fund the pet hospital project Chivo Pets. However, he asserted that the government is holding onto Bitcoin as a comprehensive financial strategy.
A website that tracked purchases, Nayib Bukele Portfolio Tracker estimated that the country spent more than $107 million on Bitcoin and lost more than $61 million, based on the current price of the cryptocurrency. Specifically:
- June 30, 2022 – 80 BTC
- May 9, 2022 – 500 BTC
- January 21, 2022 – 410 BTC
- December 21, 2021 – 21 BTC
- 2021-12-04 – 150 BTC
- November 26, 2021 – 100 BTC
- October 27, 2021 – 420 BTC
- September 19, 2021 – 150 BTC
- 2021-09-07 – 150 BTC
- September 6, 2021 – 200 BTC
- September 6, 2021 – 200 BTC (first purchase)
