It owns 6,091 bitcoin, valued at about $500m, including unrealised gains of $200m or so, about which the president boasts regularly.
Despite these profits, crypto has brought El Salvador more costs than benefits. The free publicity has been welcome, yet crypto-investment and crypto-tourism have been small beer. (...) In 2022, when the hype was at its peak, a survey by CID-Gallup found that only a fifth of firms accepted bitcoin and just 5% of tax payments were in crypto. (...) Moreover, the policy cost $375m in all—from the Chivo rollout, subsidised transaction fees, bitcoin ATMs and more—estimates Moody’s, a rating agency. That far exceeds the profits on bitcoin holdings, which could still evaporate.