El Salvador National Treasury Likely In Profit After Bitcoin Surge Above $40,000
El Salvador’s national Bitcoin treasury may be back in the green.
At least, that’s the latest data from NayibTracker.com, a website dedicated to following the performance of El Salvador’s President Nayib Bukele’s decision to invest in Bitcoin in 2021. The website tracks the time and date of known purchases, as well as those that Bukele has pledged to follow through on.
According to the data, the total investment of $127 million has yielded a current value increase of $4 million, translating to a profit of 3.17%.
The data appeared to be confirmed Monday through posts on X by Stacy Herbert, a Bitcoin supporter who works closely with the El Salvador government, and The National Bitcoin Office, the government organization established in 2022 that manages El Salvador’s Bitcoin initiative.
Still, the bulk of this performance rests on the idea that Bukele followed through on a public commitment to purchase 1 Bitcoin a day since November 17, 2022. If he did, Bitcoin purchased on that date is up 58% since the acquisition.
That said, Bukele has yet to confirm or speak publicly about whether the country acquired an additional 360+ Bitcoin over the last year, in accordance with his announcement it would pursue a dollar cost averaging strategy.
Elsewhere, the overall investment showcases a mix of gains and losses, with the most significant single-day increase occurring on July 1, 2022, when an investment of $19,000 per Bitcoin resulted in a staggering 119.81% surge in value.
Conversely, there were moments of decline, such as on November 26, 2021 at a price of over $60,000, a purchase whose value is still down 29.14%.
However, with Bitcoin’s price surging above $40,000, and optimism a Bitcoin ETF may be approved in the U.S. soon, industry bulls believe even this purchase will be soon in the black.
As Bitcoin continues to assert its influence on the world stage, El Salvador’s journey serves as a noteworthy case study for other countries exploring the intersection of traditional finance and the rapidly evolving landscape of cryptocurrency.