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Bitcoin as Legal Tender: El Salvador’s Risky Financial Maneuver Struggles to Pay Off
El Salvador Bitcoin. Source: RawBeautyPixels/Adobe
More than two years after implementing Bitcoin (BTC) as legal tender, El Salvador’s big crypto bet is still struggling to bear fruit.
That includes the government’s own BTC investments, which still appear to be underwater due to the president’s ill-timed buys.
According to the Nayib Bukele Portfolio Tracker website, the government currently owns 3,124 BTC worth $118.3 million. That’s down 6.44% – or $8.1 million – from the nation’s cost basis.
It’s hard to know exactly how much BTC El Salvador holds since the bank managing the government’s Bitcoin funds has remained curiously tight-lipped on the matter.
However, the website offers a rough estimate using the many public tweets from El Salvador’s Bitcoin-loving president Nayib Bukele – which include exact amounts and buy-in prices for the nation’s BTC investments.
The government began buying 550 BTC between September 6 and 7, just as the currency was established as legal tender. Purchased at an average price of ~$52,000, Bitcoin sank to $43,000 within only days.
Though that figure later rose as high as $69,000 by November 2021, the president caught many falling knives over the next several months. Between October and November 2021, for example, Buckle bought 520 BTC across two purchases for roughly $59,000 each, believing himself to have “bought the dip” each time.
#BTC #TradingViewScam #Blast #BTC期货
El Salvador Bitcoin. Source: RawBeautyPixels/Adobe
More than two years after implementing Bitcoin (BTC) as legal tender, El Salvador’s big crypto bet is still struggling to bear fruit.
That includes the government’s own BTC investments, which still appear to be underwater due to the president’s ill-timed buys.
According to the Nayib Bukele Portfolio Tracker website, the government currently owns 3,124 BTC worth $118.3 million. That’s down 6.44% – or $8.1 million – from the nation’s cost basis.
It’s hard to know exactly how much BTC El Salvador holds since the bank managing the government’s Bitcoin funds has remained curiously tight-lipped on the matter.
However, the website offers a rough estimate using the many public tweets from El Salvador’s Bitcoin-loving president Nayib Bukele – which include exact amounts and buy-in prices for the nation’s BTC investments.
The government began buying 550 BTC between September 6 and 7, just as the currency was established as legal tender. Purchased at an average price of ~$52,000, Bitcoin sank to $43,000 within only days.
Though that figure later rose as high as $69,000 by November 2021, the president caught many falling knives over the next several months. Between October and November 2021, for example, Buckle bought 520 BTC across two purchases for roughly $59,000 each, believing himself to have “bought the dip” each time.
#BTC #TradingViewScam #Blast #BTC期货
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🔍 If your username gets mentioned in post comments, watch out for a phishing attempt. You might receive a deceptive email from TradingView with a fake link. Clicking it could lead you to a fraudulent website asking for wallet connection.
💡 Stay vigilant and protect your assets! Avoid connecting your wallet to suspicious sites. Report any suspicious activity and spread the word to keep the community safe.
#CryptoSafety #AirdropScamAlert #TradingViewScam #StaySafeCryptoCommunity $BTC $ETH $BNB
