According to Yahoo News, El Salvador's President Nayib Bukele, a well-known Bitcoin (BTC) advocate, gained significant attention last year when he announced his country's daily addition of one Bitcoin to its balance sheet. However, the performance of this investment has faced scrutiny and received criticism from various sources.
NayibTracker, a website that monitors Bukele's Bitcoin purchases based on his tweets (since official figures are not readily available), reveals that the president is currently facing an approximate 7.7% loss on his investment of 3,120 BTC. The average price at which Bukele acquired the cryptocurrency is approximately $40,498 per coin.
Bukele's total expenditure on Bitcoin exceeded $126 million, but the current value of his holdings stands at around $116 million, resulting in a loss of over $10 million, equivalent to nearly 8%. It's important to note that Bukele made his Bitcoin purchases at prices lower than the cryptocurrency's all-time high of $69,044 in November 2021. The most expensive batch he acquired consisted of 420 coins priced at $60,345 each.
Despite the investment currently being in the negative, El Salvador has experienced positive developments. Under Bukele's leadership, the country has witnessed improved security, leading to a decline in the murder rate. Additionally, El Salvador's bonds have yielded favorable returns, alleviating concerns about potential defaults on national debts.
Alex