El Salvador’s bold Bitcoin investment has paid dividends as the country’s holdings surge, yielding around $24.54 million in profit. In November 2022, President Nayib Bukele pledged to buy one Bitcoin daily when it traded at $16,700. This strategy was meant to build long-term Bitcoin ($BTC) reserves when $BTC hit $16.7k. Since then, it has collected 722 BTC with an average acquisition price of $41,863, reaping considerable returns since the cryptocurrency’s recovery began.
El Salvador’s bold Bitcoin bet is paying off!Back on Nov 18, 2022, when $BTC hit $16.7K, President @nayibbukele committed to buying 1 $BTC daily.Fast forward, they’ve now accumulated 722 $BTC at an average price below $42K, seeing gains of $24.54M (+81%). Their starting… pic.twitter.com/DtAMsKRK54
— Spot On Chain (@spotonchain) November 8, 2024
El Salvador Timely Buys Amid Market Volatility
As of the latest data, El Salvador’s Bitcoin holdings have appreciated by approximately 81%, translating to a total profit of $24.54 million. El Salvador’s holdings now have a market value of $450 million, demonstrating the impact of consistent, disciplined purchasing. The investment strategy also reflects the government’s confidence in Bitcoin’s long-term value, despite the volatile market.
Lowest Entry Point in Four Years
El Salvador’s Bitcoin acquisition campaign began when the cryptocurrency was trading near its lowest point in the last four years, positioning the country advantageously as prices recovered. This daily buying approach allowed El Salvador to avoid the impact of price fluctuations, ensuring a steady accumulation without trying to time market peaks and valleys.
The average price of the accumulated 722 $BTC remains well below the current trading price of over $76,000, marking a considerable return on investment. The graph shows Bitcoin’s price movement over 24 hours, with a 1.45% increase, currently priced at $76,088.32.
The price trend reflects volatility, starting at around $74.96K, dipping briefly before a steady climb peaking near $76.5K.. Bitcoin’s market cap stands at $1.5 trillion with a 24-hour trading volume of $59.31 billion, indicating significant trading activity despite a 14.78% decline in volume. The circulating supply is 19.78 million $BTC out of a maximum of 21 million.
