Bitcoin prices fell below $20,000 on Saturday, and the dollar value of BTC held by El Salvador shrank from more than $105 million to around $44 million.
El Salvador became the first country to adopt Bitcoin as legal tender in June 2021 and went on to buy its first BTC as a country on September 6.
The first purchase was 200 BTC at $10,353 at $812, with an average price of $51,769.06 per BTC. At the time of writing, first-time purchases are down 63.03%, according to Portfolio Tracker.
As BTC climbed to its peak in November, El Salvador bought more bitcoin, capitalizing on dips to increase its holdings. President Nayib Bukele also announced two more purchases in 2022, although prices have fallen further from their peaks.
Bitcoin holdings in El Salvador drop by 58% overall
The last purchase was on May 9, 2022, when El Salvador acquired 500 BTC for an average price of $30,744 for $15.3 million. The country currently holds a total of 2,301 bitcoins at a price of over $105 million, with an average price of $45,908.42.
Although BTC/USD fell from $30,000 to $20,000, the value of total holdings has fallen significantly this week.
When we first made this chart on Tuesday, El Salvador’s bitcoin investment was worth $67 million. Before going to press Thursday morning, we updated the chart to $52 million. Currently $44M https://t.co/lVzsnYRI5L pic.twitter.com/fkY98aFQuw
— Alex Selby-Boothroyd (@AlexSelbyB) June 18, 2022
With bitcoin below $20,000, El Salvador’s BTC holdings are now worth around $44 million — down more than 58% overall, with a loss of more than $61.5 million now.
Despite the huge losses, the country’s finance minister recently said the fiscal risk was “very small”.
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