BARRIO – El Salvador’s president, Nayib Bukele, is a big on crypto and he’s invested big into Bitcoin. And when I say he invested in Bitcoin, I mean the El Salvadorian taxpayers have invested in Bitcoin because that’s whose money he’s used to buy Bitcoin.
As of June 13, 2022, El Salvador’s Bitcoin investments are worth roughly half what Bukele paid.
El Salvador doled out more than $60,300 per Bitcoin in October 2021 when Buekele “bought the dip” and acquired 420 Bitcoins, the highest price per Bitcoin it paid. The lowest was just last month, on May 9, when Bukele once again “bought the dip” and acquired 500 Bitcoins for more than $30,700 each.
The current price of Bitcoin is around $23,000 and continuing to fall. This means that as of now, every purchase was a loser. There wasn’t a single purchase made under the current value.
The country of El Salvador currently holds 2,301 Bitcoin, valued around $53 million at the time of publishing. That’s around 50 percent of the $105.6 million that Bukele invested.
This is obviously not good news for El Salvador, a country that was already facing financial turmoil. Bukele went all-in on Bitcoin, wanting to make El Salvador the first country in the world to accept Bitcoin as legal tender in September 2021.