El Salvador — a 21.041 km² republic in Central America — made history by being the first country to officially adopt Bitcoin (BTC) as a legal tender currency in 2021.
On September 6 of the same year, Nayib Bukele, president of El Salvador, announced the Salvadoran treasury bought 400 BTC at an average price of $46,811.00. Following that, there were nine new purchase announcements on different days, until June 30, 2022 — all done on Bukele’s official Twitter (X) account.
Besides Nayib Bukele’s own statements, there is no evidence that the country has ever bought one single Bitcoin, but — for this report — we are assuming that all his words are truthful and accurate.
If El Salvador had staked all these Ethereum’s on July 1, 2022, considering an average yield of 3.29% annually, the country’s treasury would have earned around $1.83 million by now, still worse than by simply holding Bitcoin.
Bitcoin daily purchases by El Salvador
On November 17, 2022, the president once again talked about Bitcoin purchases, declaring that he would be buying 1 BTC per day starting on November 18 within El Salvador’s treasury. Since then, there have been no related updates made publicly, which keeps the promise alive.
The daily performance for Ethereum purchases would also have been worse than Bitcoin’s. Sitting in a current amount of around $7.27 million, for an estimated profit of $0.67 million (+10.38%), making a meaningless impact on the bigger outcome.
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