Bitcoin Surge Boosts El Salvador’s Reserves to $500M, Bhutan’s Holdings Top $1B
Monday’s explosive Bitcoin rally has sent the value of both El Salvador’s and Bhutan’s Bitcoin holdings to new heights, with El Salvador’s crypto reserves surpassing $500 million and Bhutan’s vault climbing to an impressive $1.1 billion.
El Salvador, under President Nayib Bukele, continues to build its Bitcoin stash, now holding nearly 5,932 BTC, worth about $516 million at the current Bitcoin price of $87,000. This represents a notable appreciation for the country, which has made Bitcoin a cornerstone of its financial strategy.
Yet, Bhutan’s Bitcoin story may be even more remarkable. Despite having a population of just 800,000, the small Himalayan kingdom has accumulated 12,574 BTC, valued at approximately $1.1 billion, according to Arkham Intelligence. This amount represents over a third of Bhutan’s GDP, which is just under $3 billion, making its Bitcoin holdings proportionally far larger than El Salvador’s, whose Bitcoin stash constitutes only 1.5% of its GDP.
Bhutan’s Bitcoin reserves have primarily been built through mining, with the country’s abundant hydroelectric power making it an ideal location for crypto mining. As reported by Arkham Intelligence, Bhutan is believed to be the fourth-largest nation-state holder of Bitcoin, signaling its serious commitment to the digital asset.
El Salvador’s journey into Bitcoin began with the nation purchasing Bitcoin sporadically during the 2021 bull run, then adopting a dollar-cost averaging strategy in late 2022. By December 2023, El Salvador was reportedly profitable on its Bitcoin investments.
Despite concerns from the International Monetary Fund (IMF) regarding the country’s Bitcoin strategy and fiscal health, El Salvador appears to be managing its Bitcoin position effectively. The country recently announced plans to repurchase $2.5 billion of its dollar-denominated debt, with Bloomberg reporting that the nation’s debt has appreciated by 4.7% since the election of Donald Trump, suggesting optimism in the country’s financial outlook.
