El Salvador’s Bitcoin Holdings Still in the Reds, But Losses Are Narrowing

In November 2022, El Salvador’s President Nayib Bukele announced a national dollar-cost averaging (DCA) plan, committing to purchase 1 Bitcoin per day. According to Bukele’s public statement, the country already holds 2,381 Bitcoins, with an average price of approximately $44,300. The price at the time was only $19,000, and the country lost about $60 million on its holdings. Bukele has since remained silent about El Salvador’s purchases, and the exact amount of Bitcoin held in the country is unclear as there are no public government records. Assuming that the country did purchase 1 Bitcoin per day over the past year, Coindesk estimates that El Salvador’s holdings would have reached 2,744 Bitcoins as of November 14. Based on the median BTC price these days, the average purchase price in the country would drop to approximately $41,800. At current Bitcoin prices, El Salvador will lose approximately $16 million in Bitcoin holdings. (Coindesk)