El Salvador initiated its Bitcoin purchases in September 2021, when Bitcoin was valued at $51,769. President Nayib Bukele’s Bitcoin strategy was questioned after its value dropped from $69,000 in November 2021 to $16,000 a year later. However, the investment returned to profitability when Bitcoin surpassed the average purchase price of $42,600 in February. El Salvador has 2,864 BTC, whose current value is $188 million, acquired across 12 transactions at an average price of$42,630 each.
Source: Wayne Jones, 2024-03-17; https://cryptopotato.com/el-salvadors-bitcoin-hodl-strategy-pays-off-as-nation-sees-55-profit/