El Salvador President Losses Approximately $8M in Bitcoin Investment

• The El Salvadoran president has invested over $126 million in bitcoin since 2021.
• The current value of the president’s holdings is around $118 million, translating to a loss of over $8 million.
• The president’s most expensive batch purchase consisted of 420 BTC priced at $60,345 each, which has independently incurred a loss of $9,354,937.

President Nayib Bukele of El Salvador, widely celebrated for his strong support of bitcoin (BTC) during the 2021 bull market, embarked on an extensive BTC buying spree. In November 2022, he declared that the country would add one bitcoin daily to its balance sheet.

As per NayibTracker, a website tracking the amount of bitcoin owned by Bukele, the president of El Salvador is facing a substantial decline in his investment of 3,124 BTC, having committed over $126 million in bitcoin.

It is worth noting that this tracker relies on the president’s posts on X to estimate his bitcoin acquisitions due to the challenge of obtaining official government figures.

Per the tracker, the average dollar cost of Bukele’s total Bitcoin purchase currently stands at $40,496 per coin. As opposed to his $126 million commitment, the curre…

The post El Salvador President Losses Approximately $8M in Bitcoin Investment appeared first on Coin Edition.