El Salvador made headlines in 2021 as the first country to designate Bitcoin as legal tender. But the fanfare was soon met with growing skepticism as crypto markets entered a devastating bear market. Despite criticism, Salvadoran President Nayib Bukele continues dollar-cost averaging BTC purchases – a strategy now paying dividends with the country’s investments regaining profitability.
Keypoints
- El Salvador’s total Bitcoin investment is now worth $131 million, with a net profit of $3.6 million (2.84% gain)
- This comes after the country’s Bitcoin portfolio fell as low as $45 million during the crypto winter
- El Salvador has been dollar-cost averaging Bitcoin purchases throughout 2022
- President Bukele says the country has no plans to sell its Bitcoin, as price fluctuations don’t impact its long-term strategy
- El Salvador became the first country to adopt Bitcoin as legal tender in 2021, though adoption has been…
