According to two investment tracking websites, a pair of bitcoin’s most vociferous supporters, MicroStrategy founder Michael Saylor and president of El Salvador, Nayib Bukele, are a combined $1.75 billion down on their well-publicized investments.
Numbers published by saylortracker.com and nayibtracker.com show that Saylor, who bought 129,999 bitcoins at a dollar cost average of $30,634, is down nearly $1.7 billion while Bukele, who bought more than 2,000 bitcoins at an average of $45,000 is out nearly $65 million. This represents a loss of 42.27% and 60.58% respectively.
Currently, Saylor’s stash is worth nearly $2.3 billion, while Bukele is sitting on just over $42 million worth of the currency.
The websites say that their figures come from social media and publicly available information, and that “where no average purchase price is known or implied, the average market price for that day is used.”
This means that there’s a margin for error as far as exact losses are concerned but even with this taken into account, the numbers are eye-watering.
Saylor and Bukele’s bitcoin hyping looks to have failed
Saylor is famous for his permanently bullish outlook on the world’s leading crypto, and has made waves on a number of occasions for his sometimes outlandish statements.
Indeed, he once called bitcoin “a bank in cyberspace, run by incorruptible software, offering a global, affordable, simple and secure savings account to billions of people that don’t have the option or desire to run their own hedge fund.”
And if that sounds more optimistic than outlandish, he also once called bitcoin “a swarm of cyber hornets serving the goddess of wisdom,” (our emphasis).
Bukele, on the other hand, has been touting the currency as his country’s future, “referring to El Salvador in a speech to the United Nations as, “the land of surf, volcanoes, coffee, peace, bitcoin, and freedom.”
The idea was that Bukele would kickstart the country’s economy, grow its GDP, and grant his people financial freedom by making bitcoin legal tender.
However, despite hyping bitcoin at every possible opportunity, Bukele and Saylor have been unable to halt the currency’s slide from the all-time-high of nearly $69,000 it hit a year ago.