Nayib Bukele, CEO of El Salvador, and one of the more public crypto fans has been accumulating Bitcoin for his country.
Two of his biggest (public) arguments for promoting crypto to his people are:
- it saves on remittance fees
- most are unbanked
Starting in September 2021, Bukele has bought 2381 BTC at a total cost of $103 million for an average price of $43'030.
These investments amount to a loss of $63 million at the current Bitcoin price of $16’713.
This results in a paper loss of 61% of his initial investment. For now.
Bitcoin has lost 64% since he started buying.
Bukele announced on November 17th that he will be starting to buy again. 1 BTC per day is his goal:
We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele () November 17, 2022
Let’s see where this takes us.
Peter McCormack’s “What Bitcoin Did” podcast: Follow The Money #1 - Bitcoin in El Salvador - 17.05.2022
Data is based on Tweets by El Presidente himself. No verifiable blockchain data has been used.
Relevant Links
The "Crypto Critics' Corner" has new episode about Bitcoin and El Salvador out.
El Salvador Revisited: Chivo, KYC/AML, and Nayib Bukele (Feat. Domingo Flores) - Episode 76 - 02.06.2022
Bukele on the "What Bitcoin Did" podcast: Why El Salvador Made Bitcoin Legal Tender with President Nayib Bukele - 23.06.2021
The second Bukele interview on the "What Bitcoin Did": Bitcoin in El Salvador - Part 2 with Nayib Bukele - 25.05.2022
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