El Bagholder strikes again | Finance times

We all complain about politicians. But save yourself a thought of the people of El Salvador, whose sharp-eyed crypto brother president drives a country that has already been in difficulty with daytrading.

Here is the latest from Nayib Bukele. As a reminder, this is the president of one of the poorest countries in the world, not a stained Reddit dealer who took mushrooms while watching videos of Michael Saylor, and decided that the " Cyberhornisen, which serve the goddess of wisdom ".

El Salvador just bought the dip! 🇸🇻

500 coins at an average USD price of ~ $ 30,744 🥳 #bitcoin

- Nayib Bukele (@Nayibbukele) 9. May 2022

The story of El Salvador's move to Bitcoin has often been told well - car accidents always attract rubber necks, and it does not often happen that you see the accident before it happens - but we were curious how bad his P&L was now.

After we have spent a few unhappy hours to search the Bukele Twitter account, we believe that we have found all official purchases for a total of 2,280 Bitcoin since the first 200 on September 6, 2021, the day before Bitcoin officially became legal means of payment in El Salvador. A day later, "El Hodlador" said that he had already bought another 200.

El Salvador has just bought 200 new coins.

We now hold 400 #bitcoin #bitcointag 🇸🇻

- nayib bukele (@nayibbukele) 6. September 2021

In some cases, Bukele announced the average purchase price. With the others, FT Alphaville simply took the price on the day of the announcement as an appropriate replacement for the costs. Bitcoin purchases of a total of 150 coins were not announced on Twitter, but only announced in the framework The hiding place of El Salvador . And of course we don't know what the country actually thinks is at the moment and how much may be "leaked".

But if we take the announcements on the nominal value and with the assumptions mentioned, we have found that El Salvador spent around $ 101.5 million for his $ 2,280 Bitcoin. Although Bukele struggles to make a profit with yesterday's purchases, his crypto finding pit is worth $ 72.6 million

A country with a per capita BIP of $ 3,799, reserves of less than $ 4 billion (this only corresponds to three months, which is normally regarded as a danger level) and government debt of over $ 13 billion (around $ 85 percent of GDP) has lost about $ 28.9 million on its cryptopunts in the past six months.

Here is a diagram that shows the dark trajectory of the world's first confident Bitcoin pocket holder.

Of course, the Bitcoin brothers will scream that the Bitcoin acquired by El Salvador will prove to be bargain if the cryptocurrency puts gold and even the US dollar in the shade. It seems that Bukele is still popular in Germany, although it is mainly thanks to the taming of violence. (This seems to be reversed after a ceasefire between gangs and the government was dissolved).

The IMF has already made a clear statement. The opinion of the market of El Salvador's Bitcoin weaknesses is also quite clear: a country that was probably bankrupt is now with quite a bit of bankruptcy.

el Salvadors discussed “Bitcoin bond” looks like DOA. But here is the price for its $ 800 million bond, which will be due in the next January. Although it is due in less than a year, it is traded at $ 76.9 per dollar. This results in a return of over 50 percent.