cryptopotato.com
The Central American nation of El Salvador entered into the pages of history as the first country to officially adopt bitcoin as a legal tender on June 9, 2021.
Subsequently, the country went on a bitcoin buying spree, taking advantage of every opportunity to acquire more of the popular “digital gold” since it considers it a hedge against the consequences of inflation.
A Breakdown of El Salvador’s Bitcoin Purchases
El Salvador has made a total of eight $BTC purchases to date, and about half of them were made in September alone.
The country made its first purchase of 200 $BTC worth $9.34 million on Sept. 6, 2021, just a day before its Bitcoin Law took effect. It was followed immediately by another one of 200 $BTC worth $9.36 million on the same day.
The third one took place on Sept. 7, 2021, which saw El Salvador add 150 $BTC worth $6.94 million to its portfolio. On Sept. 19, the country added another 150 $BTC worth $6.46 million.
In October, El Salvador made its biggest and most expensive purchase when it bought 420 $BTC worth $24.69 million. On Black Friday, the country made another worth $5.42 million (100 $BTC).
On Dec. 3, president Bukele updated about another accumulation of 150 $BTC worth $7.3 million. The final 2021 purchase came on Dec. 21, adding 21 $BTC.
Current Value of El Salvador’s Bitcoin
With the current state of the crypto market, here’s how much El Salvador’s bitcoin stash is worth.
The country spent a whopping $70,561,800 on its Bitcoin investments, with its total holdings currently sitting at 1,391 $BTC.
As outlined by popular cryptocurrency commentator Cobie, El Salvador’s entire $BTC stash is now worth just over $60 million. This means that the nation is currently down on its bitcoin initiative by more than $10 million.
The El Salvador buys are not actually that bad actually
I mean every single buy is under water, but they’re only down ~$11m in total (70.5m invested and just below 60m portfolio now)
Do wonder if they keep bidding or ever sell any of this stuff pic.twitter.com/P6Ib23Ch0U
— Cobie (@cobie) January 7, 2022
Still Bullish
Nonetheless, El Salvador is still bullish about the cryptocurrency and has started several projects following its Bitcoin adoption. These include building a pet hospital, constructing 20 new schools, mining bitcoin with a volcano, and building a Bitcoin city, all of which are powered by $BTC.
Earlier in June, the country’s president, Nayib Bukele, pointed out that the adoption decision was a “forward-thinking” one.
Now the big question is, will El Salvador maintain diamond hands, or will it be selling some of its $BTC holdings? Only time will tell.