Nayib Bukele, the president of El Salvador, announced that the country will start buying one Bitcoin (BTC) every day.
The statement comes three and a half months after El Salvador apparently purchased its final Bitcoin in July 2022, paying $19,000 for each coin for 80 BTC.
According to Buy Bitcoin Worldwide data, El Salvador purportedly owns 2,381 BTC at an average purchase price of $43,357. This amount is based mostly on when the President announced Bitcoin investments, but it cannot be validated because no public or on-chain record identifying the purchases has been published.
To date, the country has reportedly spent over $103.23 million on Bitcoin purchases. With the biggest cryptocurrency currently trading around $16,500, the true worth of its stockpile is $39.47 million, implying losses of more than $63 million.
Tron creator Justin Sun was one of the first in the crypto sector to respond to Bukele’s revelation, saying, “We will likewise buy one Bitcoin every day starting tomorrow.”