El Salvador, the first country to adopt Bitcoin as legal tender, is now reaping the rewards of its bold move. As of November 18, 2022, the country’s accumulated Bitcoin holdings reached 722 BTC, marking an impressive 81% increase in value. This comes as part of a broader strategy initiated by President Nayib Bukele, who pledged to buy one Bitcoin per day starting from November 18, 2022.
El Salvador’s bold Bitcoin bet is paying off! Back on Nov 18, 2022, when $BTC hit $16.7K, President @nayibbukele committed to buying 1 $BTC daily. Fast forward, they’ve now accumulated 722 $BTC at an average price below $42K, seeing gains of $24.54M (+81%). Their starting… pic.twitter.com/DtAMsKRK54 — Spot On Chain (@spotonchain) November 8, 2024
Since then, El Salvador has consistently followed through on this commitment, acquiring 722 BTC at an average price of less than $42,000. The current value of these holdings has risen to around $24.54 million.
Additionally, data from Arkham reveals that El Salvador’s government wallet now holds a total of 5,928 BTC, reflecting the country’s ongoing investment in the cryptocurrency despite market fluctuations.
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This growing Bitcoin reserve is part of a larger effort by the government to integrate Bitcoin into the nation’s economy, which includes the creation of a Bitcoin bond and other initiatives aimed at boosting financial inclusion and attracting international investments. The positive performance of Bitcoin has helped solidify El Salvador’s position as a global leader in cryptocurrency adoption. 