Bitcoin held by El Salvador and Bhutan has significantly increased in value as crypto markets continue their upward momentum.
On Nov. 12, Cointelegraph Markets Pro data shows that Bitcoin (BTC) reached a new high of $89,700, pushing its overall market capitalization near $2 trillion.
Bitcoin’s seven-day price chart. Source: Cointelegraph Markets Pro
Because of the price increase, the two countries’ BTC holdings made significant gains.
El Salvador’s Bitcoin grew by $100 million in one week
Thanks to Bitcoin’s recent price surge, the value of El Salvador’s holdings increased by more than $100 million in one week.
According to blockchain data tracker Arkham Intelligence, El Salvador’s Bitcoin holdings were worth about $402 million on Nov. 5. As the market surged to new highs, its holdings soared to $523 million by Nov. 12.
Seven-day chart of El Salvador Government’s Bitcoin Holdings. Source: Arkham Intelligence
On Sept. 7, 2021, El Salvador adopted Bitcoin as a legal tender. At the time, the country initially bought about 200 BTC as its first investment in the asset. Since then, the country has gradually increased its holdings. Arkham Intelligence data shows that El Salvador currently holds about 5,900 Bitcoin.
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Bhutan’s BTC surpasses $1 billion
In April 2023, Bhutan’s cryptocurrency investments were revealed through bankruptcy proceedings involving companies including Celsius and BlockFi. Druk Holding and Investments (DHI), a commercial arm of Bhutan’s royal government, was identified as a customer of the bankrupt firms.
In May 2023, Bhutanese officials confirmed that the kingdom had been mining Bitcoin since April 2019, when the price of BTC was about $5,000.
Crypto portfolio of the Royal Government of Bhutan. Source: Arkham Intelligence
According to Arkham Intelligence, Bhutan’s Bitcoin holdings now total about $1.03 billion. Bhutan owns 12,568 BTC and also holds around $2 million in Ether (ETH) and other crypto tokens.
On Oct. 29, Bhutan moved $66 million in Bitcoin as the price reached $71,000, suggesting that the country may be planning to cash in on its gains. The funds were transferred to Binance in two different transactions.
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