Recall that President Buquele took office in 2019 before making Bitcoin legal tender in the Central American country in 2021. Under his leadership, a relatively large number of Bitcoins were purchased with El Salvador's budget, but the government has not disclosed the fate of the investment.

The country has bought a total of 2,668 coins worth $113 million.


MicroStrategy is doing much better at accumulating bitcoins. Last week the giant made another purchase of 1,045 bitcoins for $29.3 million. This brings the total amount of BTC in the company’s possession to exactly 140 thousand units, for which it spent $4.17 billion. Which means the average purchase price of each coin is $29,803, which is just a few percent higher than the current rate of the cryptocurrency.

The secret to MicroStrategy’s more profitable position is more frequent bitcoin purchases at a lower cryptocurrency rate.

What’s going on with bitcoins in El Salvador?

The economist believes Buquelet could pay more attention to his country’s poorest citizens, some of whom are teetering on the brink of poverty due to huge inflation. Here is his comment on the matter.

Just as he siphoned off over $2 million in bitcoins, why not cancel those investments, give back what he can and direct the amount to the poorest households?

According to Nayib Tracker, the Salvadoran government has spent $113 million to buy BTC in several rounds of investments. Since the purchases were made mostly during the bull run, the average value of the coins in the budget is now about 33 percent below the purchase price and estimated at $75 million.

According to Decrypt sources, El Salvador ranks among the poorest countries in the Americas with a high level of banditry. However, Buquelet has managed to achieve a record low murder rate during his tenure – previously one of the highest in the world.

The president’s decision to purchase bitcoins for the state budget has received mixed reviews even in El Salvador itself, where Buquelet’s ratings are quite high. In addition the adoption of BTC as legal tender has also been criticised by the US government and the International Monetary Fund.

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In general, cryptocurrency is becoming one of the campaign tools of politicians – at least digital assets have decided to resort to in Thailand. A party called Pheu Thai, which is in opposition to Thailand’s current prime minister, has proposed giving out the equivalent of $300 in cryptocurrency to the country’s citizens if they win the next election. Accordingly, the distribution is supposedly to take the form of an airdrop, i.e. the accrual of coins to a designated wallet.

More precisely, at the April 5, 2023 campaign event, party representatives said they plan to give out a stipend of 10,000 Thai baht to all Thai residents aged 16 years and older if they win the election. Today this amount translates into $291. One of the party’s prime ministerial candidates, Srettha Thavisin, described the initiative as a stimulus project aimed at helping the local economy through the use of blockchain.

However, such a thing could also be seen as an attempt to bribe voters. It's also worth noting that only a small percentage of locals are likely to have cryptocurrency wallets, which means that not everyone will be able to "get paid". And in general the prospect of handing out digital assets is hard to believe, because in this case we are talking about a large amount of money.

Thailand’s next general election will be held on May 14, Cointelegraph reports. The current prime minister and United Thai National Party member Prayut Chan-o-cha is eligible to hold office until 2025 if re-elected.

Thailand’s population exceeds the 70 million mark, of which about 50-60 million are over the age of 16. The Pheu Thai campaign could accordingly cost the party between $14 billion and $18 billion. The amount is enormous – even if the party manages to win the race for new government posts, it is unlikely to deliver on its promise. So in this case, residents probably shouldn’t get their hopes up.


We think the idea of buying cryptocurrencies at the expense of the national budget and taxpayers' money is a dubious initiative for a politician. One way or another, digital assets remain highly volatile - that is, they can fluctuate quite dramatically in value. When they have been in a prolonged collapse, as they have been for the last year and a half, locals won't take kindly to such an investment, nor will the originator of the deals.

It is also important to stress that Bukele was not particularly active in his purchases during the bear market phase. As a result, now the average BTC purchase price for El Salvador is in the $42,000 zone. This means that the position will also have noticeably less potential to earn on the next bull run.


Look for even more interesting things in our crypto chat of former rich people. There, we are waiting for a new phase of digital asset growth that will help us get back to our former fortune.