Bitcoin Rally Boosts El Salvador and Bhutan’s Crypto Reserves to $500 Million and $1.1 Billion, Respectively
Monday’s explosive Bitcoin rally significantly boosted the value of cryptocurrency holdings for both El Salvador and Bhutan. As Bitcoin surged, El Salvador’s reserves surpassed $500 million, while Bhutan’s holdings crossed the $1 billion mark.
El Salvador’s Bitcoin stash, according to the country’s Bitcoin Office, now stands at just under 5,932 BTC. At the current price of $87,000 per coin, this brings the total value of its holdings to approximately $516 million.
While President Nayib Bukele’s Bitcoin strategy has garnered attention, Bhutan’s story is even more remarkable. Despite its small size, with a population of just 800,000 compared to El Salvador’s 6.4 million, Bhutan’s Bitcoin holdings are impressive. The Himalayan kingdom, as reported by Arkham Intelligence, possesses 12,574 BTC, valued at $1.1 billion based on current market prices.
To put this in perspective, Bhutan’s Bitcoin holdings make up more than one-third of its GDP, which is just under $3 billion. In contrast, El Salvador’s $500 million in Bitcoin is only 1.5% of its GDP.
Bhutan’s substantial holdings are reportedly the result of bitcoin mining, made possible by the country’s abundant hydroelectric power. In fact, Arkham Intelligence indicated in September that Bhutan could be the fourth-largest nation-state holder of Bitcoin. After initially purchasing Bitcoin during the 2021 bull run, El Salvador began dollar-cost averaging into the cryptocurrency starting in November 2022. By December 2023, the country had reportedly seen positive returns on its Bitcoin investments, according to President Bukele.
Despite ongoing criticism from the International Monetary Fund (IMF) regarding El Salvador’s Bitcoin strategy and fiscal concerns, the nation’s economic outlook seems to be improving. In a recent announcement, El Salvador stated its intention to buy back $2.5 billion of its dollar-denominated debt. According to Bloomberg, the country’s debt has returned 4.7% since the election of Donald Trump last week.
