Originally published on: November 12, 2024
Bitcoin holdings for El Salvador and Bhutan have seen a significant increase in value amidst the ongoing rally in the crypto markets.
Recent data from Cointelegraph Markets Pro on Nov. 12 shows that Bitcoin (BTC) surpassed a new high of $89,700, driving its total market capitalization close to $2 trillion.
With this surge in price, both countries have experienced substantial gains in their BTC holdings.
El Salvador, which adopted Bitcoin as legal tender on Sept. 7, 2021, witnessed a rise of over $100 million in the value of its holdings within just one week. From approximately $402 million on Nov. 5, the country’s Bitcoin holdings soared to $523 million by Nov. 12, as per data from blockchain tracker Arkham Intelligence.
Meanwhile, Bhutan’s cryptocurrency investments came to light during bankruptcy proceedings involving companies like Celsius and BlockFi in April 2023. Druk Holding and Investments (DHI), a commercial entity of Bhutan’s royal government, was identified as a customer of the bankrupt firms.
It was revealed that Bhutan had been mining Bitcoin since April 2019 when the price of BTC was around $5,000. Currently, Bhutan’s Bitcoin holdings amount to approximately $1.03 billion, consisting of 12,568 BTC along with around $2 million in Ether (ETH) and other crypto tokens.
In a move indicating potential profit-taking, Bhutan transferred $66 million in Bitcoin as the price reached $71,000 on Oct. 29. The funds were sent to Binance in two separate transactions.
Amidst these developments, the rising value of Bitcoin holdings for both El Salvador and Bhutan highlights the growing significance of cryptocurrencies in the global financial landscape. Stay informed with more articles like these by subscribing to the Finance Redefined newsletter for weekly insights and analysis in the world of decentralized finance.
