El Salvador's $13M Bitcoin Profit Amid Anticipation of ETF Approval

• El Salvador Profits from Bitcoin Investment
• Recent Bitcoin Purchases and Holdings
• Bitcoin's Performance and Speculations on Future Adopters

El Salvador Profits from Bitcoin Investment

According to data from Nayibtracker, El Salvador has accumulated $12.6 million in unrealized profits from its Bitcoin$42,260 -0.64% (BTC) investment. This comes after being in the negative for two years. The country began purchasing Bitcoin in September 2021, with prices ranging between $47,250 and $52,670 for a total of 700 BTC over a fortnight. President Nayib Bukele celebrated the investment last month, stating it was back in the black.

Recent Bitcoin Purchases and Holdings

El Salvador's most recent Bitcoin acquisition occurred in November 2022, when the cryptocurrency was valued at $27,780. This pushed the average cost of their Bitcoin holdings to $42,440. Presently, El Salvador's total Bitcoin holdings amount to 2,798 BTC, valued at $131.3 million.

Bitcoin's Performance and Speculations on Future Adopters

Since October, Bitcoin has experienced a 75% surge in value. This increase is largely attributed to the anticipated approval of a spot Bitcoin ETF in the U.S. by the Securities and Exchange Commission (SEC), with the decision expected this week.

In 2021, El Salvador made history by becoming the first country to adopt Bitcoin as legal tender. Speculations are rife that Argentina may follow suit after appointing President Javier Milei amidst a crisis of hyperinflation.

Edited by Jonathan Stoker