El Salvador, the first-ever country to make Bitcoin (BTC) legal tender, is set to take advantage of the prevailing crypto winter. The crypto-friendly country seeks to increase the number of Bitcoin (BTC) on its balance sheet. Hence, the reason behind the plotted daily purchase of the largest digital asset by market capitalization.
Nayib Bukele, the President of El Salvador, disclosed on Thursday that the North American country, will be embarking on a daily BTC buying spree, starting from November 18 till further notice. He wrote on November 17, “We are buying one Bitcoin every day starting tomorrow.”
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022
El Salvador’s Bitcoin Holding
The government of El Salvador began purchasing and holding BTC in September 2021, right after the nation adopted the digital currency as a legal tender. Particularly, the nation’s first-ever BTC purchase was done on September 6, 2021. Then, 400 BTC worth over $18.72 million were scooped from the market by El Salvador. At the time, Bitcoin was trading for $46,811 per coin.
In September 2021, data shows that El Salvador accumulated a total of 700 Bitcoin (BTC) in three purchases. While 150 BTC were bought for $46,091 each, another batch of 150 BTC was purchased for $42,843 per coin.
Moving to October 2021, El Salvador amassed 420 BTC only at the cost of $60,622 per Bitcoin. On November 26, 2021, it added 100 BTC to its balance sheet, buying at $54,815. In December 2021, the country bought a total of 171 Bitcoin. While 150 BTC were purchased at the cost of $48,670 each, the remaining 21 BTC were accumulated at the price of $49,220 per Bitcoin.
In 2022, El Salvador continued its acquisition of Bitcoin (BTC), grabbing 410 BTC only in January at the cost of $36,585 per Bitcoin. The largest BTC obtainment by El Salvador was recorded on May 9, 2022, when the country added 500 BTC in one purchase to its crypto holding. At the time, Bitcoin traded for $30,774 per coin. The country’s second-lowest BTC purchase (80 Bitcoin) occurred in June 2022, when the leading crypto fell to $19,000.
Read Also: Elon Musk Confident About Bitcoin’s (BTC) Future But Predicts a Long Bear Market
El Salvador in Losses Over Bitcoin (BTC) Purchase
Concerns have been raised over El Salvador’s Bitcoin purchases as the country is recording losses instead of profits. At the time of writing, the country holds a total of 2,381 BTC. At an average price of $43,357 per BTC, El Salvador has invested a total of $103,233,017 in Bitcoin.
Meanwhile, BTC is trading for $16,700, at the time of writing. This entails that El Salvador’s Bitcoin investment is currently worth $39,792,700, showing a loss of $63,440,317.
On the other hand, El Salvador’s involvement with cryptocurrency has greatly boosted its tourism sector. It is said that loads of revenue have been generated by the North American country from tourism ever since the adoption of Bitcoin.
Read Also: Cardano Creator: El Salvador’s Bitcoin Adoption Is a Win for Crypto Industry At Large
President Nayib Bukele‘s plan to add 1 Bitcoin per day, starting from November 18, seems to not sound promising to some. However, Justin Sun, the founder of the Tron ecosystem (TRX) and creator of stablecoin USDD lauded Bukele’s plan, adding that he will join in the daily accumulation of BTC, beginning tomorrow.
He wrote, “We echo Nayib Bukele’s initiative in buying Bitcoin daily. We will also buy one Bitcoin every day starting tomorrow!”
We echo @nayibbukele’s initiative in buying #Bitcoin daily. We will also buy one #Bitcoin everyday starting tomorrow! 🫡
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) November 17, 2022
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