Here’s How Much El Salvador’s Bitcoin is Currently Worth

The Central American nation of El Salvador entered into the pages of historical past as the primary nation to formally undertake bitcoin as a authorized tender on June 9, 2021.

Subsequently, the nation went on a bitcoin shopping for spree, making the most of each alternative to accumulate extra of the favored “digital gold” because it considers it a hedge in opposition to the implications of inflation.

A Breakdown of El Salvador’s Bitcoin Purchases

El Salvador has made a complete of eight BTC purchases so far, and about half of them had been made in September alone.

The nation made its first buy of 200 BTC price $9.34 million on Sept. 6, 2021, only a day earlier than its Bitcoin Law took impact. It was adopted instantly by one other one among 200 BTC price $9.36 million on the identical day.

The third one passed off on Sept. 7, 2021, which noticed El Salvador add 150 BTC price $6.94 million to its portfolio. On Sept. 19, the nation added one other 150 BTC price $6.46 million.

In October, El Salvador made its largest and costliest buy when it purchased 420 BTC price $24.69 million. On Black Friday, the nation made one other price $5.42 million (100 BTC).

On Dec. 3, president Bukele up to date about one other accumulation of 150 BTC price $7.3 million. The ultimate 2021 buy got here on Dec. 21, including 21 BTC.

Current Value of El Salvador’s Bitcoin

With the present state of the crypto market, right here’s how a lot El Salvador’s bitcoin stash is price.

The nation spent a whopping $70,561,800 on its Bitcoin investments, with its complete holdings presently sitting at 1,391 BTC.

As outlined by standard cryptocurrency commentator Cobie, El Salvador’s complete BTC stash is now price simply over $60 million. This signifies that the nation is presently down on its bitcoin initiative by greater than $10 million.

The El Salvador buys are usually not really that dangerous really

I imply each single purchase is below water, however they’re solely down ~$11m in complete (70.5m invested and just under 60m portfolio now)

Do surprise in the event that they hold bidding or ever promote any of these items pic.twitter.com/P6Ib23Ch0U

— Cobie (@cobie) January 7, 2022

Still Bullish

Nonetheless, El Salvador continues to be bullish in regards to the cryptocurrency and has began a number of tasks following its Bitcoin adoption. These embrace constructing a pet hospital, establishing 20 new faculties, mining bitcoin with a volcano, and constructing a Bitcoin metropolis, all of that are powered by BTC.

Earlier in June, the nation’s president, Nayib Bukele, identified that the adoption choice was a “forward-thinking” one.

Now the large query is, will El Salvador keep diamond arms, or will or not it’s promoting a few of its BTC holdings? Only time will inform.