The El Salvador Bitcoin portfolio is up 35% and currently holds an unrealized profit of $93.45 million.
Pro-Bitcoin country El Salvador has reached a major milestone in its acquisition of the largest crypto asset. August 23 marked the republic’s 160th consecutive day of buying Bitcoin.
El Salvador, which adopted Bitcoin as legal tender in 2021, started its commitment to acquire 1 BTC every day on March 16 and has bought 160 BTC since then.
Bukere first committed to acquiring one bitcoin per day on November 17, 2022. He stated he would continue in that vein until the asset became too costly to buy with fiat. He then reaffirmed that he would resume purchasing the asset again in March after a landslide victory in his re-election in February.
Portfolio in Profit
El Salvador’s bet on Bitcoin has paid off considerably, with the country’s portfolio sitting on an unrealized profit of $93.45 million. Data from El Salvador’s proof-of-reserve website showed that El Salvador’s cold wallet has 5,851 BTC (worth $357.3 million) acquired at an average price of $44,835.
El Salvador launched a website in May that allowed users to follow its Bitcoin balance to enhance transparency further. The platform provided real-time insight into the country’s Bitcoin balance and other on-chain transactions on the Bitcoin network.
Underneath El Salvador’s flourishing Bitcoin holdings is Bukere’s resilience amidst widespread criticism. After announcing El Salvador’s decision to adopt Bitcoin as legal tender, the president faced resistance from the International Monetary Fund (IMF) and legacy news agencies.
Notably, Bukere’s resilience has been one of the pioneers of Bitcoin’s recent mass adoption. El Salvador’s strides, coupled with MicroStrategy’s overperforming stock, have led to new firms turning to Bitcoin as a strategic reserve. Metaplanet, Semler Scientific, and DeFi Technology have recently adopted Bitcoin as a treasury reserve.
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