El Salvador’s President, Nayib Bukele, has just given an update on the nation’s Bitcoin investment, and it’s impressive. The South American country has made almost 1.5X on their Bitcoin strategy, despite warnings from global organizations such as the International Monetary Fund (IMF).
According to his post, the government’s Bitcoin portfolio is now worth $723.8 million, generating a profit of $426.5 million, which is a 143.5% gain. The country invested a total of $297,248,040 in Bitcoin. Out of the current balance, 93.52%, or roughly $349.8 million, is tied to a specific part of their holdings.
Interestingly, Bukele said that the country hasn’t sold a single Bitcoin. The entire $426 million profit is unrealized, meaning it’s just based on the current price of Bitcoin. It clearly shows how much the value has grown since El Salvador started buying Bitcoin in 2021.
The portfolio chart shared by Bukele shows how their Bitcoin holdings grew from a low of $25 million in 2022 to the current high of over $723 million. This reflects not just the price increase of Bitcoin but also strategic buying over time.
The enormous surge in profit is largely since Bitcoin has now crossed more than $118,000 per coin. With the rise in the price of Bitcoin, the worth of El Salvador’s holdings increased greatly, and thus the profit surged considerably.