{"id":88446,"date":"2023-11-24T17:12:25","date_gmt":"2023-11-24T22:12:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/el-salvadors-risky-financial-maneuver-struggles-to-pay-off\/"},"modified":"2023-11-24T17:12:27","modified_gmt":"2023-11-24T22:12:27","slug":"el-salvadors-risky-financial-maneuver-struggles-to-pay-off","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88446","title":{"rendered":"El Salvador&#8217;s Risky Financial Maneuver Struggles to Pay Off"},"content":{"rendered":"<div>\n<figure id=\"attachment_136444\" aria-describedby=\"caption-attachment-136444\" style=\"width: 1250px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136444\" class=\"wp-caption-text\">El Salvador Bitcoin. Source: RawBeautyPixels\/Adobe<\/figcaption><\/figure>\n<p>More than two years after implementing Bitcoin (BTC) as legal tender, El Salvador\u2019s big crypto bet is still struggling to bear fruit.<\/p>\n<p>That includes the government\u2019s own BTC investments, which still appear to be underwater due to the president\u2019s ill-timed buys.<\/p>\n<p>According to the Nayib Bukele Portfolio Tracker website, the government currently owns 3,124 BTC worth $118.3 million. That\u2019s down 6.44% \u2013 or $8.1 million \u2013 from the nation\u2019s cost basis.<\/p>\n<p>It\u2019s hard to know exactly how much BTC El Salvador holds since the bank managing the government\u2019s Bitcoin funds has remained curiously <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/ALAC_SV\/status\/1586886042573053953\">tight-lipped<\/a> on the matter.<\/p>\n<p>However, the website offers a rough estimate using the many public tweets from El Salvador\u2019s Bitcoin-loving president Nayib Bukele \u2013 which include exact amounts and buy-in prices for the nation\u2019s BTC investments.<\/p>\n<p>The government began buying 550 BTC between September 6 and 7, just as the currency was established as legal tender. Purchased at an average price of ~$52,000, Bitcoin sank to $43,000 within only days.<\/p>\n<p>Though that figure later rose as high as $69,000 by November 2021, the president caught many falling knives over the next several months. Between October and November 2021, for example, Buckle bought 520 BTC across two purchases for roughly $59,000 each, believing himself to have \u201cbought the dip\u201d each time.<\/p>\n<h2>Small, Consistent Investments<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>His Bitcoin purchase announcements became smaller and less frequent until November 2022. After Bitcoin plummeted under $17,000 following FTX\u2019s collapse, Bukele vowed to purchase one Bitcoin per day, every day from then onwards.<\/p>\n<p>Assuming he kept his promise, the nation has purchased 374 BTC since that time. Since Bitcoin has appreciated 128% since last year, El Salvador\u2019s overall investment since that time has risen 45%, making up for much of its earlier losses.<\/p>\n<p>The eccentric leader once <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1507062761544687616\">claimed<\/a> to have traded the digital currency using public coffers from his mobile phone, sometimes \u201cnaked\u201d and \u201cwhile in the toilet.\u201d<\/p>\n<p>The tracker\u2019s sister website, saylortracker.com tracks the portfolio of MicroStrategy, whose laser-eyed chairman also loudly proclaims his company\u2019s BTC investments.<\/p>\n<p>Unlike El Salvador, MicroStrategy\u2019s BTC ownership is verifiable through its quarterly financial reports. It\u2019s also substantially in the green, boasting $1.28 billion in profits on its immense 158,400 BTC stack, now worth over $6 billion.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bitcoin-as-legal-tender-el-salvadors-risky-financial-maneuver-struggles-to-pay-off.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Salvador Bitcoin. Source: RawBeautyPixels\/Adobe More than two years after implementing Bitcoin (BTC) as legal tender, El Salvador\u2019s big crypto bet is still struggling to bear fruit. That includes the government\u2019s own BTC investments, which still appear to be underwater due to the president\u2019s ill-timed buys. According to the Nayib Bukele Portfolio Tracker website, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":88447,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>El Salvador&#039;s Risky Financial Maneuver Struggles to Pay Off | iFintechWorld<\/title>\n<meta name=\"description\" content=\"El Salvador Bitcoin. 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