According to the Buy Bitcoin Worldwide, El Salvador has suffered a "paper loss" of $46.1 million from Bitcoins held in the state fund.
The resource has reported the government has a total of 2,301 BTC in its reserves valued at $54.8 million.
The price of Bitcoin yesterday fell below $23,000, still remaining below this level. If we take into account that the average purchase price of Bitcoins from the state fund of El Salvador is $43,900, the country's "paper loss" amounts to $46.15 million.
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The country's authorities started buying BTC after the crypto was legalized as legal tender there in September last year. These then created a special fund of $150 million for this purpose.
El Salvador took advantage in late September of the Bitcoin price drop to $45,000 to buy an additional 150 BTC, bringing the total reserves to 700 BTC.
Since then, the country has taken advantage of Bitcoin's falls to continue buying Bitcoins. Thus, the country's president announced last month the government would buy an additional 500 BTC at an average price of $30,744.