Bitcoin, which set out in 2009 for the purpose of a privacy-focused and decentralized structure that brought the crypto money industry into our lives, managed to break the all-time record by seeing 67 thousand dollars today. The cryptocurrency that drives the cryptocurrency market has been adopted as the official currency in El Salvador in the past weeks, with a historic decision.
On June 9, 2021, El Salvador unanimously passed the bill to adopt Bitcoin as its official currency. A first in the world, El Salvador had put the accepted bill into effect on September 7. Between these dates, he started adding Bitcoin to the state treasury. Let’s take a look at El Salvador’s adventure with Bitcoin, how much Bitcoin it bought, how Bitcoin was affected by the unity of El Salvador’s decisions, and how much profit El Salvador has made with Bitcoin investment to date.
The adventure of Bitcoin and El Salvador:
The movement in Bitcoin with the adoption of the bill by El Salvador:
When El Salvador passed the bill on June 9, Bitcoin was volatile in those days. Bitcoin, which saw the level of 31 thousand dollars on June 8, experienced a great leap with the decision of El Salvador. While Bitcoin was at the lowest level of 32.300 on June 9, it suddenly climbed to 37.500 levels.
Exactly 6 days after that, on June 15, the price of Bitcoin rose to the level of 41 thousand dollars. Although El Salvador excited investors with the Bitcoin move, Bitcoin started a 1-week decline from the same day. When the dates showed June 22, Bitcoin stood at $ 28,805. This level was the lowest level Bitcoin had seen in the last 6 months at that time. As a result, El Salvador’s decision began to be criticized in the country and around the world.
El Salvador announced on June 25 that it will distribute $30 Bitcoin to every citizen. This move was made to promote the use of Bitcoin in the country. All that had to be done to have this Bitcoin was to download the cryptocurrency wallet application developed by the country.
Bitcoin’s journey until September 7:
Bitcoin, which fell from $ 58 thousand to $ 30 thousand in May, and saw $ 28 thousand in June, started to rise again in July. In this month, the cryptocurrency saw the lowest 29 thousand dollars and the highest 42 thousand dollars, and closed the month at 41 thousand dollars. The rise of July also jumped to August.
Bitcoin saw the lowest level of 36 thousand and the highest level of 50 thousand in August. These two months have turned the views on El Salvador, which has decided to accept Bitcoin as the official currency when it was at the level of 32 thousand, again positive.
After the rise in August, Bitcoin had an extremely active month. On the first day of September, Bitcoin saw a low of $ 46 thousand and a high of $ 49 thousand. In the following days, it experienced a rise until September 6 and reached 52 thousand 700. The next day was El Salvador’s day. Or was it?
El Salvador has officially launched Bitcoin as its official currency:
On September 7, 2021, El Salvador signed a first in history by enacting the bill that accepted Bitcoin as the official currency. With this decision, Bitcoin rose to the level of $ 52 thousand 920. But while everyone was looking forward to the green candles with this decision, Bitcoin turned a corner to investors.
Bitcoin experienced a decline of 10 thousand dollars before the end of 24 hours. The cryptocurrency has retraced up to $42,843. El Salvador suffered millions of dollars in losses due to the Bitcoin it held that day.
El Salvador bought its first Bitcoin on September 6:
On September 6, El Salvador President Nayib Bukele announced the country’s first Bitcoin purchase. El Salvador bought 200 Bitcoins. On September 6, the value of Bitcoin was hovering around 50 -52 thousand.
On September 7, he received exactly 350 more Bitcoins:
On September 7, Bukele announced that they had purchased 200 more Bitcoins just before Bitcoin became the official currency. However, Nayip Bukele also announced the amount of Bitcoin the country holds. On September 7, El Salvador had reached 400 Bitcoin. That was making about $21 million at the time. Of course, after the fall, the value of Bitcoin, which he held, also dropped drastically. At the minute of the announcement, Bitcoin was at $ 51,924. This means that they suffered a loss of about 3 million dollars.
But as if that wasn’t enough, a few hours after the last announcement on the same day, the country bought about 150 more Bitcoins. The President of El Salvador announced this decision as “we are taking it from the bottom”. The value of Bitcoin in their hands has increased to $ 26 million.
After today’s damage, protests started in the country.
September was a painful month:
After this decline, Bitcoin circulated around $ 45 thousand until September 14. The unit, which rose to 47 thousand dollars on September 14, remained at this level until September 20. On September 20, Nayip Bukele made a statement again and announced that the country had purchased another 150 Bitcoin. The amount of Bitcoin in El Salvador’s treasury has increased to 700. But this purchase was made this time during the decline. El Salvador announced this decision when Bitcoin was at the level of 45 thousand dollars. The value of the total Bitcoin held by the country has risen to approximately $31 million.
But on the same day, it fell again and Bitcoin fell to $ 42 thousand. He saw $39,600 the next day. El Salvador again suffered a loss from its new acquisition.
Until September 29, El Salvador had a nightmare:
From September 20 to September 29, when El Salvador raised its total Bitcoin treasury to 700, the country had a nightmare due to Bitcoin’s volatile movements. The cryptocurrency, which was between $ 44 thousand and $ 40 thousand, saw $ 40 thousand on September 29, closing at $ 41 thousand. From the last day of September until today, El Salvador has been experiencing extremely pleasing days.
October served El Salvador:
On September 30, Bitcoin closed the day at $ 43 thousand, which started with $ 41 thousand. On October 1, Bitcoin ended the day with more than $ 48 thousand. After two stagnant days, it continued to rise on October 4 and broke the 55 thousand level on October 6. Bitcoin hovered between 55 thousand and 53 thousand levels until October 10.
Bitcoin, which rose to $ 57 thousand on October 11, closed October 13 at the level of 57. 500 after circulating around $ 57 – 54 thousand for 2 days. On October 15, Bitcoin spiked above $60,000 with a sudden rise. After three days of stagnation, Bitcoin reached $64,349 on October 19, very close to the all-time record 64,843.
The next day, October 20, as we write this article, Bitcoin reached an all-time high. Bitcoin saw $ 67 thousand. A new record has arrived.
So, with the new Bitcoin record, how much profit has El Salvador made from Bitcoin on average so far?
Let’s briefly talk about the numbers we mentioned above in the calculation that we will give the average answer to this question.
- On September 6-7, El Salvador bought a total of 550 Bitcoins. The total Bitcoin value was around $26 million after the last purchase.
- On September 20, the country purchased another 150 Bitcoins, raising the total number of Bitcoins in the treasury to 700. With the loss to this date and the new purchase, the value of Bitcoin in the country’s hands was approximately 31 million dollars.
El Salvador has not announced any purchases since September 20. The country still continues to hold 700 Bitcoins. These 700 Bitcoins equate to about $47 million when calculated with the crypto currency’s record price of $67k today. This means that El Salvador made a profit of about $16 million compared to the day it increased its treasury to 700 Bitcoin.
Bitcoin, XX. If XXX dollars, how many dollars will he have made in profit? (with 700 Bitcoins)
- If Bitcoin becomes $70,000, El Salvador will have $49 million. ($18 million profit)
- If Bitcoin becomes $80,000, El Salvador will have $56 million. ($25 million profit)
- If Bitcoin becomes $90,000, El Salvador will have $63 million. ($32 million profit)
- If Bitcoin becomes $100,000, El Salvador will have $70 million. ($39 million profit)
It’s hard to know exactly how much Bitcoin El Salvador has:
How much Bitcoin El Salvador currently has is unknown, except for the statements made. Although it is known that there are 700 Bitcoins in the country’s treasury, the country also started Bitcoin mining with the energy of the volcano. How much Bitcoin has been mined through mining has not yet been disclosed.
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