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%.