El Salvador Bitcoin holdings hit record $164M as BTC profits pass $50M


The Bitcoin held by the government of El Salvador is now worth more than $150 million.

The latest data from monitoring resource BitcoinTreasuries estimates that El Salvador’s Bitcoin holdings are up $50 million against their cost basis.

El Salvador BTC returns dwarf cost basis

Bitcoin was first approved as legal tender in El Salvador in 2022, and since then, the country’s stash has gone from bear market rags to record riches.

Since its president, Nayib Bukele, announced that the government would start purchasing 1 BTC per day, it has amassed approximately 2,380 BTC ($158.5 million).

At Bitcoin’s new all-time high on March 5, this was worth $164.7 million — a full 53% more than El Salvador’s aggregate cost basis. Each BTC was purchased at an average price of $44,300.

In recent commentary on X, Bukele, who was reelected in February, criticized mainstream media approaches to the government’s economic policy.

“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses. Now that Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our citizenship program,” he claimed last week.

“We won’t sell, or course; at the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now); but it’s very telling that the authors of those hit pieces, the ‘analysts’, the ‘experts’, the ‘journalists’, are totally silent now.”

Ahead of the pack?

Despite the attention given to its BTC pivot, El Salvador remains a lone wolf among nation-states by adopting a “Bitcoin standard.”

Despite rumors of other countries in both South America and elsewhere following suit, no official announcements have yet been made.

Among those most confident of nation-state adoption to come is Samson Mow, whose company, Jan3, aims to “accelerate hyperbitcoinization.”

In an appearance on The Bitcoin Podcast, Mow listed nation-states as one of the key buyers going forward, in addition to corporations and institutional buyers via spot Bitcoin exchange-traded funds.

“As it keeps going up, you have price-insensitive buyers,” he explained, including retail investors purchasing much smaller increments.

Source : Cointelegraph by William Suberg / Mar 6, 2024

rayn.finance logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act. How we keep your money safe.