On June 5, 2021, El Salvador made waves across the financial space when its bill to make Bitcoin a legal tender in the country was first made public. Since then, the North American country has gone on to completely implement BTC as a legal tender in the country, as well as invest a significant amount in the digital asset as well. Here’s how the country has fared since then.

El Salvador Down On Its Bitcoin Bet

Shortly after President Nayib Buckle passed the bill and made Bitcoin a legal tender in El Salvador, the country would begin buying BTC in large quantities. The first purchase saw the country buy a total of 400 BTC for $18.724 million for an average price of $46,811 on September 6, 2021, a day before BTC officially became legal tender in the country.

In the months that followed, Bukele would double down on his decision to invest in the cryptocurrency using the country’s funds, disregarding warnings from financial institutions like the International Monetary Fund (IMF) to stop doing so.

The next purchase happened just a day later on September 7 with a purchase of 150 for approximately $6.9 million. El Salvador has continued to purchase BTC since then on a semi-consistent basis since then, which has brought its total BTC stash to 2,381 as of its last purchase on June 30, 2022, of 80 BTC at an average price of $19,000 worth $1.52 million at the time.

El Salvador's total BTC purchases | Source: BuyBitcoinWorldwide

However, El Salvador’s dollar cost average (DCA) has not helped its position so far. The country has spent a total of $103,233,360 on its BTC purchases since 2021 at an average price of $43,357. At current prices, El Salvador’s BTC stash is worth around $61.3 million, meaning the country is nursing a $40 million loss on its BTC investment.

BTC Adoption In The Country

Since September, BTC has operated as a legal tender in El Salvador, allowing residents to pay for goods and

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Author: Best Owie

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