El Salvador’s Bitcoin Investment Yields $12.6 Million in Unrealized Gains Ahead of Bitcoin ETF Decision
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%.
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.
The Securities and Exchange Commission (SEC) is set to make a decision on this
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