Key Takeaways
- El Salvador's unrealized Bitcoin gains have surpassed $333 million.
- The country holds 6,180 BTC with an average purchase price of $44,739.88.
- The IMF continues to advise El Salvador to limit its Bitcoin policies.
El Salvador’s President Nayib Bukele revealed that the country’s Bitcoin investments have yielded more than $333 million in unrealized gains following Bitcoin’s historic surge past $100,000 on December 5.
Bukele shared the update on X (formerly Twitter), noting the nation’s total BTC holdings stand at 6,180 coins, acquired for roughly $270 million.
With an average purchase price of $44,739.88 per Bitcoin, the nation’s holdings have appreciated by 122%, according to Nayib Tracker, a platform monitoring the country’s investments.
A journey of Bitcoin adoption
El Salvador made history in September 2021 by becoming the first country to adopt Bitcoin as legal tender. The government initiated its BTC purchases on September 6, 2021, and in November 2022, implemented a dollar-cost averaging (DCA) strategy, buying one Bitcoin daily.
In addition to financial gains, Bitcoin adoption has boosted the country’s tourism sector, attracting international attention and visitors.
IMF opposition
Despite El Salvador’s reported successes, the International Monetary Fund (IMF) has repeatedly urged the nation to scale back its Bitcoin policies.
The IMF, citing risks to financial stability, has called for narrowing the Bitcoin Law and reducing public sector exposure to Bitcoin, with the latest recommendation issued on October 3, 2024.
