El Salvador and Bhutan's Bitcoin Holdings Surge Amid Market Rally
Crypto

El Salvador and Bhutan's Bitcoin Holdings Surge Amid Market Rally

El Salvador and Bhutan witness significant growth in their Bitcoin holdings following a recent market upturn, with values reaching impressive levels.

Bitcoin’s remarkable surge on Monday has driven El Salvador's Bitcoin assets to surpass $500 million, while Bhutan's holdings have skyrocketed to over $1.1 billion.

Data from El Salvador’s Bitcoin Office indicates that the country now has nearly 5,932 BTC. At the current price of $87,000, this equates to approximately $516 million.

Conversely, the Kingdom of Bhutan, a small South Asian nation with approximately 800,000 residents, possesses 12,574 BTC, valued at around $1.1 billion according to Arkham Intelligence.

This Bitcoin amount represents over one-third of Bhutan's GDP, which is just under $3 billion, unlike El Salvador's Bitcoin value, which constitutes a mere 1.5% of its GDP.

Bhutan has reportedly amassed its Bitcoin through mining, aided by its surplus hydroelectric power. It has been suggested that Bhutan could be the fourth largest nation-state holder of Bitcoin.

Additionally, El Salvador's economic situation appears to be improving as the government plans to buy back $2.5 billion of its dollar-denominated debt. Reports indicate that since the election of Donald Trump, the nation's debt has increased by 4.7%.

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