HODL

Bitcoin

when

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<p class="has-drop-cap">When El Salvador’s President announced the nation’s <a href="https://twitter.com/nayibbukele/status/1434968475928248331" target="_blank" aria-label="first bitcoin purchase (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">first bitcoin purchase</a> in September 2021, many experts readily dismissed the leader, with <a href="https://www.theguardian.com/business/2021/sep/24/el-salvador-adoption-of-bitcoin-as-legal-tender-is-pure-folly" target="_blank" aria-label="some (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">some</a> calling the whole idea “highly dubious” and “economically dangerous.” At the time of El Salvador’s first purchase, Bitcoin was trading for $51,769. Over time, the <a href="https://tokenist.com/investing/how-to-invest-in-bitcoin/" rel="dofollow" class="deco-link">flagship cryptocurrency</a> has been through a lot, but the recent market rally has been great for those who stayed invested, like El Salvador.</p> 
<p>In a recent <a aria-label="tweet (opens in a new tab)" href="https://twitter.com/nayibbukele/status/1762867369217532125" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">tweet</a> echoing similar sentiments, President Bukele stated that the country’s bitcoin was up 40%. Since that tweet, <a href="https://tokenist.com/can-2024-be-a-landmark-year-for-bitcoin-btc/" rel="dofollow" class="deco-link">bitcoin’s price has significantly gone up</a>, and the position is estimated to be up almost 60% with a profit of over $72 million. Yet, despite the windfall, Bukele has stated that El Salvador will continue to hold its bitcoins and not sell them.</p> 
<h3 id="summary-of-el-salvador-s-bitcoin-purchases">Summary of El Salvador’s Bitcoin Purchases</h3> 
<p>According to <a aria-label="nayibtracker.com (opens in a new tab)" href="https://nayibtracker.com" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">nayibtracker.com</a>, the largest purchase by the nation was on May 9, 2022, when 500 bitcoins were acquired at an average price of $30,744 each, totaling around $15.37 million. Those 500 bitcoins are currently valued at nearly $34 million, a 121% increase from the purchase price.</p> 
<p>Another major purchase occurred on Jan. 21, 2022, with El Salvador buying 410 bitcoins at $36,585.37 per coin for $15 million. Those bitcoins now exceed $27.8 million, an 85.7% profit on that investment.</p> 
<p>Under President Nayib Bukele’s bitcoin accumulation strategy, the Central American nation purchased 2,854 bitcoins from September 2021 to November 2022 at an average cost of $42,539.32 per coin, spending around $121.4 million. With current prices, those holdings are valued at nearly $194 million, representing an unrealized gain of about $72.5 million or 59.7%.</p> 
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<h3 id="bitcoin-inches-towards-all-time-high">Bitcoin Inches Towards All-Time High</h3> 
<p>Bitcoin, the world’s largest cryptocurrency by market capitalization, continued its rally on Tuesday, hitting a new annual high of $68,800.30 at the time of writing. The digital asset’s price surged $2,529.16, or 3.82%, from the previous day’s close amid sustained investor interest. Bitcoin’s total market value is now approximately $1.352 trillion, with around 19.65 million coins in circulation. Trading activity remained robust, with roughly $76.58 billion worth of Bitcoin changing hands over the past 24 hours.</p> 
<p>The cryptocurrency has seen immense volatility this year, trading within a range of $19,628.25 to $68,800.30 over the past 52 weeks as it gained mainstream adoption from investors and companies alike.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><strong><em>Do you think other countries will follow El Salvador’s direction? Let us know in the comments below.</em></strong></p> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/el-salvadors-bitcoin-btc-position-is-up-72m-but-president-stays-committed-to-hodl/">El Salvador’s Bitcoin (BTC) Position is Up $72M But President Stays Committed to HODL</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

El Salvador’s Bitcoin (BTC) Position is Up $72M But President Stays Committed to HODL

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