El Salvador President Losses Approx $8M Bitcoin Investment

  • The El Salvadoran president has invested over $126 million in bitcoin since 2021.
  • The current value of the president’s holdings is around $118 million, translating to a loss of over $8 million.
  • The president’s most expensive batch purchase consisted of 420 BTC priced at $60,345 each, which has independently incurred a loss of $9,354,937.

President Nayib Bukele of El Salvador, widely celebrated for his strong support of bitcoin (BTC) during the 2021 bull market, embarked on an extensive BTC buying spree. In November 2022, he declared that the country would add one bitcoin daily to its balance sheet.

As per NayibTracker, a website tracking the amount of bitcoin owned by Bukele, the president of El Salvador is facing a substantial decline in his investment of 3,124 BTC, having committed over $126 million in bitcoin.

It is worth noting that this tracker relies on the president’s posts on X to estimate his bitcoin acquisitions due to the challenge of obtaining official government figures.

See Also: President Javier Milei To Dissolve Argentina’s Central Bank

According to the tracker, the average dollar cost of Bukele’s total Bitcoin purchase currently stands at $40,496 per coin. As opposed to his $126 million commitment, the current value of his holdings is approximately $118 million. At the time of writing, this translates to a loss of over $8 million, reflecting a 6.69% decline.

It is worth noting that all the BTC acquisitions were reportedly made below the asset’s all-time high of $69,044 in November 2021. The most expensive batch consisted of 420 coins priced at $60,345 each in October 2021. This batch has independently incurred a loss of $9,354,937.

Meanwhile, his last tracked purchase of 372 bitcoins at $9.68 million has earned him a nearly 50% return on investment. Specifically, his profit on the investment now sits at $4,476,768. Of the 12 tracked investment rounds, only the most recent three are profitable at press time. The remaining nine rounds bear substantial double-digit percentage losses.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *