Bitcoin Is Rallying But El Salvador's Holdings Are Still Down 29 percent

El Salvador purchased 2546 Bitcoin at a cost basis of roughly $108 million, according to reports. At Tuesday's prices, those tokens are worth just $77 million.

By:BLOOMBERG
| Updated on: Apr 12 2023, 09:15 IST
Bitcoin
Bitcoin climbed above $30,000 on Tuesday for the first time since June 2022, bolstered by bets on easier monetary policies. (REUTERS)

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.

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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.

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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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First Published Date: 12 Apr, 08:10 IST
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