El Salvador embraced Bitcoin as legal tender over two years ago. However, the latest data reveals a rough journey. Despite the initial optimism, the government’s Bitcoin investments and President Bukele’s personal buys, are struggling to stay above water.
The current government-held stash of 3,124 BTC, valued at $118.3 million, reflects a 6.44% loss on the balance sheet. The lack of transparency from the managing bank adds a layer of mystery to El Salvador’s crypto portfolio.
The Nayib Bukele Portfolio Tracker relies on the president’s public tweets. It shows precise amounts and buy-in prices for the nation’s BTC investments.
President Bukele’s foray into Bitcoin began with a purchase of 550 BTC at an average price of $52,000, just it became legal tender. However, his timing proved unfortunate, as Bitcoin swiftly dropped to $43,000 within days. the president continued to catch falling knives
The president continued to catch falling knives buying 520 BTC at roughly $59,000 each between October and November of the same year. Although the price rose to $69,000 in November 2021, the decision to go on a buy spree has turned out to be costly.
Bukele shifted his strategy in November 2022 when he vowed to purchase one Bitcoin per day after it plunged to below $17,000 post-FTX’s collapse.
Considering he kept his promise, El Salvador has accumulated 374 BTC since then. The nation’s overall investment has seen a 45% rise as Bitcoin has appreciated by 128% since last year. This has mitigated their earlier losses.
How is MicroStrategy playing its cards?
While El Salvador grapples with uncertainties, the tracker’s sister website, saylortracker.com, highlights a divergent tale. MicroStrategy, led by Bitcoin advocate Michael Saylor, boasts verifiable BTC ownership through its quarterly financial reports.
The company is swimming in $1.28 billion profits with an impressive 158,400 BTC stack. It stands tall with an overall BTC value exceeding $6 billion. Unlike El Salvador, MicroStrategy’s transparent approach and substantial profits underscore the contrasting profits.
