El Salvador, the country that adopted Bitcoin as legal tender, appears to be profiting over $74 million from its Bitcoin holdings. However, these gains are currently unrealized profits from its Bitcoin investment.The country's Bitcoin purchases, as shown on the Nayib Bukele Portfolio Tracker, have been on a positive trend, with a reported gain of +60%.
At the time of reporting, El Salvador is said to possess 2860 BTC valued at $196.5 million.The current $74 million profit is over five times the $13 million profit recorded in January 2024, when the approval of Bitcoin spot ETFs was anticipated.
El Salvador's purchases of BTC at various prices have contributed to its unrealized profits. For example, purchases at the lowest price of $36,000 in November 2022 and higher prices like $52,000 in September 2021 are evident.
At the time of reporting, the price of BTC is at an all-time high of $71,400. This indicates that all of El Salvador's purchases are in unrealized profit, albeit at different percentages. For instance, the November 2022 purchase is estimated to have a gain of +125%, while the September 2021 purchase is at +30%.
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CointelegraphThis latest purchase brings El Salvador's Bitcoin reserves to about 1,120 BTC.
Cointelegraph"Policy unpredictability" and "adoption of bitcoin as legal tender" were part of the reason for Fitch's downgrade of El Salvador.
Cointelegraph
