Source: AdobeStock/ MMollaretti
El Salvador’s Bitcoin (BTC) portfolio of 2,798 tokens has yielded an unrealized profit of $12.6 million, and there are no plans to sell.
El Salvador is sitting on $12.6 million in unrealized profits on its bitcoin (BTC) investment after being in the red for two years, according to data from Nayibtracker. El Salvador holds a total of 2,798 bitcoin ($131.3 million). CoinDesk https://t.co/0o2CjwKCEQ
— Wu Blockchain (@WuBlockchain) January 9, 2024
In an update on January 9 by Nayibtracker, a dedicated website monitoring El Salvador’s crypto holdings, the latest BTC investment by the Central American country shows an impressive all-time upward price trajectory of 10.21%.
Source: Nayibtracker
This development follows a December 4 X post by Nayib Bukele, the President of El Salvador, revealing a profit of $3.6 million.
El Salvador’s #Bitcoin investments are in the black!
After literally thousands of articles and hit pieces that ridiculed our supposed losses, all of which were calculated based on #Bitcoin’s market price at the time…
With the current #Bitcoin market price, if we were to sell… pic.twitter.com/gvl2GfQMfb
— Nayib Bukele (@nayibbukele) December 4, 2023
Despite short-term price fluctuations, the president emphasized a commitment to a long-term strategy, indicating that El Salvador views its Bitcoin investment as part of a broader and enduring approach rather than reacting to immediate market conditions.
However, the potential approval of a spot Bitcoin ETF could trigger significant inflows and propel BTC prices to new highs.
BTC has seen a substantial increase of 75% since October 2023, driven by optimism surrounding the approval of a spot Bitcoin ETF in the United States.
Source: CoinMarketCap BTC Data
The Securities and Exchange Commission (SEC) is set to make a decision on this matter on January 10, 2024. Various asset managers who had previously filed for a proposed ETF fund have submitted new amendments in response to regulatory meetings with SEC officials.
JUST IN: #Bitcoin ETF applicants are filing last-minute amendments to lower their fees:
Bitwise’s lowered to 0.20%
Valkyrie’s lowered to 0.49%
Invesco Galaxy’s lowered to 0.39%
WisdomTree’s lowered to 0.30%
Ready for approval
— Bitcoin Magazine (@BitcoinMagazine) January 9, 2024
At press time, Bitwise, Valkyrie, Invesco, and WisdomTree have lowered their trading fees to 0.20%, 0.49%, 0.39%, and 0.30%, respectively.
The Rise of 2021 BTC Dip Investment
On September 7, 2021, President Nayib Bukele disclosed that his government had acquired 200 BTC, resulting in a total of 2798 coins.
Buying the dip
150 new coins added.#BitcoinDay #BTC
— Nayib Bukele (@nayibbukele) September 7, 2021
This announcement came a day before the approval of El Salvador’s Bitcoin Law, establishing cryptocurrency as legal tender in the Central American nation.
The most recent acquisition took place in November 2022, when Bitcoin was priced at $27,780. This brought the average cost of the accumulated holdings to $42,440.
El Salvador has been making notable advancements in Bitcoin adoption through innovation. Notably, a significant milestone was achieved with the regulatory approval of Volcano Bonds from CNAD on December 12, 2023.
BREAKING NEWS
The Volcano Bond has just received regulatory approval from the Digital Assets Commission (CNAD).
We anticipate the bond will be issued during the first quarter of 2024.
This is just the beginning for new capital markets on #Bitcoin in El Salvador.
— The Bitcoin Office (@bitcoinofficesv) December 12, 2023
This marked a new era for capital markets in Bitcoin, as the bonds will be issued on the Bitfinex Securities Platform, a blockchain-based trading platform for equities and bonds registered in El Salvador.
The post El Salvador’s Bitcoin Investment Yields $12.6 Million in Unrealized Gains Ahead of Bitcoin ETF Decision appeared first on Cryptonews.