Nayib Bukele, CEO of El Salvador, and one of the more public champions has been accumulating Bitcoin for his country.
July 1st, Bukele announced that he got some more Bitcoin at a price of $19'000:
El Salvador bought today 80 #BTC at $19,000 each!#Bitcoin is the future!
ā Nayib Bukele (@nayibbukele) July 1, 2022
Thank you for selling cheap š pic.twitter.com/ZHwr0Ln1Ze
Starting in September 2021, Bukele has bought 2381 BTC at a total cost of $103 million for an average price of $43'030.
These investments amount to a loss of $56 million at the current Bitcoin price of $19'489.
This results in a paper loss of 54,7% of his initial investment (Saylor is down 36,5%). Bitcoin itself fell 62% since Bukele started cost averaging into BTC.
Compared to Saylor, Bukele bought this dip with more conviction during the second quarter of 2022:
| % of funds deployed | % BTC stake acquired | |
|---|---|---|
| Bukele | 16,5 | 24,4 |
| Saylor | 0,3 | 0,4 |
In the comment section of my last Bukele update, in a discussion with @rtonline, it occured to me that Bukele might be running out of time to earn the fruits of his Bitcoin investment.
Presidents in El Salvador can only be elected for one term of five years, and aren't allowed to run consecutively. He assumed his role June 1st, 2019. There is only two years left for him to make an argument that he wasn't spending recklessly on silly internet memes.
The second interview on the "What Bitcoin Did" podcast with Peter McCormack:
Bitcoin in El Salvador - Part 2 with Nayib Bukele - 25.05.2022
Data is based on Tweets by El Presidente himself. No verifiable blockchain data has been used.
Relevant Links
The "Crypto Critics' Corner" has new episode about Bitcoin and El Salvador out.
El Salvador Revisited: Chivo, KYC/AML, and Nayib Bukele (Feat. Domingo Flores) - Episode 76 - 02.06.2022
Bukele on the "What Bitcoin Did" podcast: Why El Salvador Made Bitcoin Legal Tender with President Nayib Bukele - 23.06.2021
Vote for my witness: @blue-witness