Bitcoin Is Rallying But El Salvador's Holdings Are Still Down 29 percent
Bitcoin may be at a nine-month high, but El Salvador's total holdings are still worth 29% less than what the government paid for the world's largest digital currency.
El Salvador purchased 2,546 Bitcoin at a cost basis of roughly $108 million, according to calculations by Bloomberg. At Tuesday's prices, those tokens are worth just $77 million.
Bitcoin climbed above $30,000 on Tuesday for the first time since June 2022, bolstered by bets on easier monetary policies. However, the token remains more than 50% lower than an all-time high in 2021, around the time President Nayib Bukele's government began buying Bitcoin after making it legal tender.
Even still, Bukele has continued to advocate for the digital currency. Just around the time Bitcoin reached a 52-week low of roughly $15,500 in November, Bukele said on Twitter his administration would be buying the dip with a pledge of one Bitcoin per day.
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