After El Salvador accepted Bitcoin as the official currency, the country’s portfolio suffered a loss of $ 54 million with the fall of Bitcoin.
The country recently announced that it has received 80 Bitcoins (BTC) at $19,000 each.
El Salvador’s Bitcoin Portfolio Loses $54M
El Salvador’s Bitcoin portfolio hits the lowest level. El Salvador’s president, Nayib Bukele, faced a $54 million loss following Bitcoin’s volatile performance.
Bukele’s portfolio is currently 50 percent below the dollar cost average. The last Bitcoin purchase was made on July 1. Most of the president’s purchases were made when Bitcoin was at or near the bottom.
Eight major Bitcoin purchases were made in El Salvador between September and December 2021. The average Bitcoin inflow was around $55,000. The streak ended when Bitcoin suddenly crashed into the $30,000 price range.
The long-term dollar cost averaging strategy implemented by Bukele remains one of the most consistent and easy ways to act with financial assets. In contrast, El Salvador lost most of the available capital while Bitcoin was at the bottom. Nayib Bukele and analysts could not foresee the 70 percent decline in the market.
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