Tuesday, 05 December 2023 02:10

El Salvador earns more than US$3.5 million from Bitcoin investments

Written by Miguel Crespin

The salvadoran State has generated a profit of at least US$4 million in investments made in Bitcoin, after the recent rise in the value of this cryptocurrency against the dollar.



In the last days of november and the first days of december 2023, bitcoin began to rise in relation to traditional currencies and surpassed US$41,000 per unit, in the market. This change in its value favored the portfolio of securities managed by the salvadoran State. With an estimated US$131.41 million placed in bitcoin, this portfolio registered a profit that ranged between US$3.5 million and US$4.4 million, according to the website Nayib Bukele Porftolio Tracker.

This comes after a period of steady declines in the value of the cryptocurrency fell to a value of around US$16,000 in january 2023 however, since mid-october the value of this economic asset has begun to rise to stand at US$42,000 as of 11:00 AM on december 4, 2023.

"With the current market price of Bitcoin, if we were to sell our Bitcoin, we will not only recover 100% of our investment, but we will make a profit of US$3,620,277.13 (at the time the tweet was published)", mentioned Nayib Bukele President of El Salvador.



Translated by: A.M