Suffering a loss of over $20 million! El Salvador buys another 410 Bitcoins, President Nayib Bukele: "Really cheap."

Bitcoin continued its decline to $36,000, but the President of El Salvador announced the purchase of an additional 410 bitcoins, claiming they are very cheap. However, based on past purchase costs, El Salvador may have incurred losses of over $20 million on its bitcoin investments.

Holding Over 1,800 BTC

Information disclosed by the President of El Salvador, Nayib Bukele, regarding his Bitcoin investments is quite opaque. He only announces his purchases on Twitter after the fact, without revealing the source of funds or where the Bitcoin goes after purchase. He also does not disclose the purchase cost each time, so the average purchase price can only be roughly calculated from his tweets.

According to statistics, El Salvador holds 1,801 BTC, with a cost of around $88.15 million, averaging about $48,949 per BTC. Based on the BTC price of $36,600 before the deadline, the current value of 1,801 BTC is approximately $65.91 million, resulting in an unrealized loss of over $22 million for El Salvador.

These Bitcoins are Very Cheap

On 1/15, when the price of Bitcoin was $43,000, Nayib Bukele mentioned that he seemed to have missed the opportunity to buy low. By 1/22, he announced the purchase of an additional 410 Bitcoins. He claimed that these people are selling Bitcoin at very cheap prices.

In early January, the Finance Minister of El Salvador had mentioned that some of the Bitcoin had been cashed out. Previously, Nayib Bukele had revealed plans to use the profits from Bitcoin to build public schools and veterinary hospitals, but as previously mentioned, all information remains quite opaque.