El Salvador Bitcoin gains reach $12.6m after two years of decline

El Salvador has observed a significant uptick in the value of its Bitcoin holdings. 

For the past two years. El Salvador’s investments remained below their initial purchase value. However, the country now sees an increase in value, with unrealized gains amounting to approximately $12.6 million, according to data provided by Nayibtracker.

This positive development in El Salvador’s Bitcoin investment saga was acknowledged by President Nayib Bukele, who expressed satisfaction last month, noting the nation’s venture into cryptocurrency has finally turned profitable.

The initial phase of this investment journey began in September 2021, during which El Salvador acquired 700 units of Bitcoin. These purchases, made over a span of two weeks, were at prices ranging from $47,250 to $52,670 per Bitcoin.

Further expanding its cryptocurrency portfolio, El Salvador made its latest acquisition in November 2022, when Bitcoin’s value was approximately $27,780. This series of investments brings the average cost of El Salvador’s total Bitcoin holdings to around $42,440. The nation’s Bitcoin reserves currently stand at 2,798 units, valued at an estimated $131.3 million.

El Salvador’s unrealized profits come from Bitcoin’s recent surge, as the leading token is up by 168% annually. Yesterday, BTC reached $47,000 for the first time in nearly 20 months, as its trading volume also surged significantly across all exchanges.

With the hype around the SEC’s approval of the first-ever spot Bitcoin ETF and the upcoming halving, the Bitcoin market is observing growing bullish sentiments, which potentially holds a positive outlook for El Salvador’s digital assets holdings.