As the price of bitcoin continues to rise, two countries have seen their bitcoin holdings increase significantly: El Salvador and Bhutan. According to recent data, El Salvador’s bitcoin stack has surpassed $500 million in value, while Bhutan’s holdings have exceeded $1 billion.
El Salvador’s Bitcoin Holdings Reach $516 Million
According to the Bitcoin Office of El Salvador, the country currently holds 5,932 tokens of bitcoin. With the current price of $87,000 per token, this translates to a value of approximately $516 million. This marks a significant increase in the value of El Salvador’s bitcoin holdings.
Bhutan’s Bitcoin Holdings Reach $1.1 Billion
Bhutan, a tiny South Asian country with a population of just 800,000, has seen its bitcoin holdings soar to 12,574 tokens. At the current price of $87,000 per token, this equates to a staggering $1.1 billion. This is an impressive feat considering Bhutan’s GDP is only around $3 billion.
Bhutan’s Bitcoin Holdings Account for Over One-Third of Its GDP
In comparison to El Salvador, where bitcoin holdings account for just 1.5% of its GDP, Bhutan’s holdings are a significant portion of its economy. This highlights the potential benefits of adopting cryptocurrency as a store of value and means of exchange.
Bhutan’s Bitcoin Holdings Accumulated Through Mining
Bhutan has accumulated its bitcoin holdings through mining, which is facilitated by the country’s abundance of hydroelectric power. The Himalayan nation’s commitment to renewable energy has allowed it to capitalize on the benefits of cryptocurrency mining.
El Salvador’s Bitcoin Strategy Continues to Pay Off
After purchasing bitcoin during the 2021 bull run and dollar-cost-averaging into the top cryptocurrency in November 2022, El Salvador has seen its holdings return profits. As reported by Nayib Bukele, the President of El Salvador, the country was in the black on its holdings by December 2023.
International Monetary Fund Concerns Ease
The International Monetary Fund (IMF) had raised concerns about El Salvador’s fiscal situation due to its adoption of bitcoin. However, with the country’s debt returning 4.7% since the election of Donald Trump, the situation appears to be improving.
El Salvador Plans to Buy Back $2.5 Billion of Its Debt
In a move to alleviate its debt burden, El Salvador has announced plans to buy back $2.5 billion of its dollar-denominated debt. This strategic decision will help improve the country’s fiscal situation and reduce its reliance on foreign creditors.
Conclusion
The story of Bhutan’s bitcoin holdings serves as an impressive example of the potential benefits of adopting cryptocurrency. With a population of just 800,000 and a GDP of $3 billion, Bhutan’s $1.1 billion in bitcoin holdings is a testament to the country’s commitment to innovation and its ability to capitalize on emerging technologies.
Comparison of El Salvador and Bhutan’s Bitcoin Holdings
| Country | Number of Tokens | Value |
| — | — | — |
| El Salvador | 5,932 | $516 million |
| Bhutan | 12,574 | $1.1 billion |
Timeline of El Salvador’s Bitcoin Strategy
- November 2022: El Salvador begins dollar-cost-averaging into bitcoin
- December 2023: El Salvador is in the black on its holdings
Sources
- Bitcoin Office of El Salvador
- Arkham Intelligence
- Bloomberg
