Key takeaways:
- The president of El Salvador, Nayib Bukele, has announced the nation will be buying 1 Bitcoin each day starting November 18
- El Salvador has spent more than $103 million on Bitcoin so far
- The Central American country is currently down more than 61% on its BTC investment
Bukele is taking dollar cost averaging to a new level
President of El Salvador, Nayib Bukele, announced on Thursday that the Central American country would start buying one Bitcoin per day starting on November 18.
Last year, El Salvador became the first country in the world to recognize Bitcoin as legal tender. Since the historic vote in the Legislative Assembly, and subsequent implementation of the law, the country has made a significant investment in Bitcoin.
| Date | BTC amount | BTC price | Investment amount |
| September 6, 2021 | 400 | $50,000* | $20,000,000* |
| September 7, 2021 | 150 | $44,000* | $6,600,000* |
| September 20, 2021 | 150 | $45,000* | $6,750,000* |
| October 28, 2021 | 420 | $60,950 | $25,599,000 |
| November 29, 2021 | 100 | $54,370 | $5,437,000 |
| December 7, 2021 | 150 | $48,670 | $7,300,500 |
| December 21, 2021 | 21 | $49,310 | $1,035,510 |
| January 21, 2022 | 410 | $36,585 | $14,999,850 |
| May 9, 2022 | 500 | $30,745 | $15,372,000 |
| June 30, 2022 | 80 | $19,000 | $1,520,000 |
In the span of 10 separate Bitcoin investments, El Salvador spent roughly $103.9 million on 2,381 BTC. In total, the country spent an average of $43,637 on each BTC its holds in its treasury. Based on the current market price, which is $16,701 at the time of writing, El Salvador is down roughly 61.7% on its crypto investment.
While the country’s treasury is currently down a considerable amount on its cryptocurrency investment spree, the losses could quickly turn into large gains if Bitcoin’s cyclical price history serves as any indication.
