Salvadoran President Nayib Bukele highlighted the country’s unrealized gains from its Bitcoin investments after the cryptocurrency surged past $100,000 for the first time on December 5. Following Bitcoin’s milestone, the crypto-focused X account Autism Capital asked Bukele to disclose El Salvador’s Bitcoin portfolio to “dunk on the haters.” In response, Bukele posted the portfolio, revealing the nation’s nearly $270 million investment in Bitcoin. The portfolio confirms that no Bitcoin has been sold, and unrealized gains now exceed $333 million, a significant validation of the country’s strategy. El Salvador’s Bitcoin Journey El Salvador became the first country to adopt Bitcoin as legal tender on September 7, 2021, when its Bitcoin Law came into effect. A day prior, the government made its inaugural purchase of 200 BTC. Since then, the country has continued accumulating Bitcoin. On November 17, 2022, Bukele announced a dollar-cost averaging (DCA) strategy, committing to purchasing one Bitcoin daily. According to Nayib Tracker, a platform monitoring El Salvador’s Bitcoin holdings, the country currently owns 6,180 BTC, with an average purchase price of $44,739.88. Based on current prices, the portfolio has gained approximately 122%. Beyond financial gains, El Salvador has also seen increased tourism and international recognition since adopting Bitcoin. IMF Urges El Salvador to Reconsider Despite the reported benefits, the International Monetary Fund (IMF) has repeatedly advised El Salvador to scale back its Bitcoin initiatives. On January 25, 2022, the IMF urged the country to stop recognizing Bitcoin as legal tender, citing financial stability risks but acknowledging its potential for financial inclusion. The IMF renewed its concerns on October 3, 2024, with communications director Julie Kozack recommending the country narrow the Bitcoin Law’s scope and limit public sector exposure to Bitcoin.
