Bitcoin’s Bullish Momentum Pushes El Salvador’s Holdings Past $500M, Bhutan’s Stash Soars to $1.1B
The latest Bitcoin surge has seen both El Salvador and Bhutan see their crypto holdings rise significantly, with El Salvador’s Bitcoin stack surpassing $500 million and Bhutan’s vault crossing the $1.1 billion mark.
El Salvador, which has been a prominent advocate for Bitcoin under President Nayib Bukele, now holds just shy of 5,932 BTC. At the current market price of $87,000, this brings the value of El Salvador’s Bitcoin reserves to approximately $516 million, a significant increase due to the ongoing price rally.
However, Bhutan’s Bitcoin story may be even more extraordinary. Despite its small population of just 800,000, Bhutan has managed to accumulate 12,574 BTC, valued at an impressive $1.1 billion based on current prices, according to Arkham Intelligence. This Bitcoin holding represents more than one-third of the country’s GDP, which is just under $3 billion. By contrast, El Salvador’s Bitcoin holdings make up only 1.5% of its GDP.
Bhutan’s impressive accumulation of Bitcoin has been attributed to its thriving bitcoin mining industry, fueled by abundant hydroelectric power. In fact, Arkham Intelligence reported in September that Bhutan could be one of the largest nation-state Bitcoin holders, potentially ranking fourth globally.
El Salvador’s strategy began with sporadic purchases of Bitcoin during the 2021 market rally, followed by a more systematic approach starting in November 2022, using a dollar-cost averaging strategy. By December 2023, the country had entered profitable territory on its Bitcoin holdings.
While El Salvador has faced criticism from the International Monetary Fund (IMF) regarding its Bitcoin-backed fiscal strategy, the country’s financial situation appears to be improving. It recently announced plans to buy back $2.5 billion of its dollar-denominated debt, with Bloomberg noting a 4.7% return on its debt since the election of Donald Trump, signaling an optimistic outlook for the nation’s finances.
