El Salvador’s gain on the dip is $8.6M, bringing the total value to $43M. This is equivalent to 51.8% of the country’s gold reserve, 7.4% of the total remittance or 1.3% of total reserve. The dip alone is worth $1.25 per capita, almost the same as an hour of minimum wage.

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To date, the country has bought Bitcoins several times:

On 07-Sep-2021: 400 BTC for $21M

On 08-Sep-2021: 150 BTC for $7M

On 20-Sep-2021: 150 BTC for $6.4M

Total so far: 700 BTC for $34.4M

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.

To understand how big is $43M in El Salvador’s context:

El Salvador’s total remittance is $583.85M. Compared to the value of holdings, it represents 7.4% of total remittance.

El Salvador’s reserve is $3.292B. So, the total Bitcoin holding is 1.3% of the total reserve.

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.

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.

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)

Figures are taken from the World Bank data and Trading Economics.

submitted by /u/milonuttigrain
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