10-24-2021, 07:11 AM
El Salvador’s gain on the dip is $8.6M, bringing the total value to $43M. This is
<!-- SC_OFF --><div class="md"><p>To date, the country has bought Bitcoins several times:</p> <p>On 07-Sep-2021: 400 BTC for $21M</p> <p>On 08-Sep-2021: 150 BTC for $7M</p> <p>On 20-Sep-2021: 150 BTC for $6.4M</p> <p>Total so far: 700 BTC for $34.4M</p> <p>At the current price of $61,389; these 700 BTC is now worth $43M. That means El Salvador has gained $8.6M on the dip.</p> <p>To understand how big is $43M in El Salvador’s context:</p> <p>El Salvador’s total remittance is $583.85M. Compared to the value of holdings, it represents 7.4% of total remittance.</p> <p>El Salvador’s reserve is $3.292B. So, the total Bitcoin holding is 1.3% of the total reserve.</p> <p>El Salvador’s gold reserve is $83M. So the current value of Bitcoin holding is 51.8%, just over half of the country’s gold reserve.</p> <p>And how big is the dip gain ($8.6M)? If this amount is distributed to every person in El Salvador, everyone will be better off by $1.25.</p> <p>Again, how big is $1.25 in El Salvador? It is almost the minimum wage for commerce, service, industrial, and agroindustrial sectors ($1.50 an hour, $12.00 per day)</p> <p>Figures are taken from the World Bank data and Trading Economics.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/milonuttigrain"> /u/milonuttigrain </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qealq4/el_salvadors_gain_on_the_dip_is_86m_bringing_the/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qealq4/el_salvadors_gain_on_the_dip_is_86m_bringing_the/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>To date, the country has bought Bitcoins several times:</p> <p>On 07-Sep-2021: 400 BTC for $21M</p> <p>On 08-Sep-2021: 150 BTC for $7M</p> <p>On 20-Sep-2021: 150 BTC for $6.4M</p> <p>Total so far: 700 BTC for $34.4M</p> <p>At the current price of $61,389; these 700 BTC is now worth $43M. That means El Salvador has gained $8.6M on the dip.</p> <p>To understand how big is $43M in El Salvador’s context:</p> <p>El Salvador’s total remittance is $583.85M. Compared to the value of holdings, it represents 7.4% of total remittance.</p> <p>El Salvador’s reserve is $3.292B. So, the total Bitcoin holding is 1.3% of the total reserve.</p> <p>El Salvador’s gold reserve is $83M. So the current value of Bitcoin holding is 51.8%, just over half of the country’s gold reserve.</p> <p>And how big is the dip gain ($8.6M)? If this amount is distributed to every person in El Salvador, everyone will be better off by $1.25.</p> <p>Again, how big is $1.25 in El Salvador? It is almost the minimum wage for commerce, service, industrial, and agroindustrial sectors ($1.50 an hour, $12.00 per day)</p> <p>Figures are taken from the World Bank data and Trading Economics.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/milonuttigrain"> /u/milonuttigrain </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qealq4/el_salvadors_gain_on_the_dip_is_86m_bringing_the/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/qealq4/el_salvadors_gain_on_the_dip_is_86m_bringing_the/">[comments]</a></span>Kind Regards R