How Many Bitcoins does El Salvador Own? El Salvador Bitcoin INFO

By Eddie Galdamez  |  May 9th, 2022
El Salvador Bitcoins
El Salvador Bitcoins.

As of May 9, 2022, El Salvador owns 2,301 Bitcoins. El Salvador has invested about $101,713,360.00 on Bitcoin purchases; the average price of each Bitcoin is $44,204.

On June 5th, 2021, Salvadoran President Nayib Bukele declared that Bitcoin would become a legal tender in El Salvador. A few days later, the Salvadoran legislature passed the Bitcoin Law, which took effect on September 7th, 2021.

The latest Bitcoin Purchase was on May 9. President Nayib Bukele announced that “El Salvador just bought the dip! 500 coins at an average USD price of ~$30,744”

El Salvador Bitcoins
Purchase
Date
Bitcoins Cost per Bitcoin Total Invested
May 9, 2022 500 $30,744 $15,372,000
Jan 21, 2022 410 $36,585 $15,000,000
Dec 21, 2021 21 $49,220 $1,033,620
Dec 3, 2021 150 $48,670 $7,300,500
Nov 26, 2021 100 $54,815 $5,481,500
Oct 27, 2021 420 $60,622 $25,461,240
Sept 19, 2021 150 $42,843 $6,426,450
Sept 7, 2021 150 $46,091 $6,913,650
Sept 6, 2021 400 $46,811 $18,724,400
Totals 2301 $44,204 $101,713,360.00

The price per Bitcoin unit listed in the above table is estimated based on the cost per unit on the day purchased. As of today’s date, El Salvador Government has not made public the details of each purchase transaction.

If the Salvadoran Government has not sold any of its Bitcoin holdings, the country’s investment in the crypto coins is down as of May 2022.

El Salvador Bitcoins effect.

Even though making Bitcoin a legal tender has caused problems between the Salvadoran Government and international organizations such as the International Monetary Fund, Bitcoin is producing good results thus far.

The Salvadoran tourism industry has benefited greatly from the Bitcoin implementation. According to the head of the Ministry of Tourism (MITUR), Morena Valdez, “More tourists and investors have come to see how the cryptocurrency works.”

Authorities of the Ministry of Tourism estimated that almost a million and a half visitors have traveled to El Salvador since Bitcoin became legal tender.

Also, in February 2022, the Chivo Pets Veterinary Hospital opened in El Salvador. This animal care facility is the first government own pet hospital in the country and it was built using Bitcoin gains.

We did a poll to check the activity, according to the before and after of Bitcoin. The tourism sector increased, in November and December, more than 30%.”

Future of Bitcoin in El Salvador

Although converting Bitcoin into legal tender was met with strong criticism from the International Monetary Fund and other international entities, El Salvador’s economy has continued to grow.

The Salvadoran GDP grew by more than 10% in 2021. It is the first time in the country’s history that double-digit GDP growth has been recorded.

Despite economists and the IMF asking El Salvador to reverse its position on the cryptocurrency. President Bukele and his administration have made it clear that Bitcoin will continue to be a legal tender in El Salvador.


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