As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent surge in Bitcoin prices and the subsequent gains by countries like El Salvador and Bhutan is nothing short of remarkable.
The worth of Bitcoin owned by El Salvador and Bhutan has noticeably risen due to the persistent growth trend in the cryptocurrency market.
According to CryptoMoon Markets Pro data, on November 12th, Bitcoin (BTC) hit an all-time peak of $89,700, bringing its total market value closer to a whopping $2 trillion.
Because of the price increase, the two countries’ BTC holdings also showed significant gains.
El Salvador’s Bitcoin grew by $100 million in one week
Due to a significant increase in Bitcoin’s price over the past week, El Salvador’s Bitcoin holdings have grown beyond $100 million in value.
Based on information from blockchain monitor Arkham Intelligence, El Salvador’s Bitcoin reserves were approximately $402 million on November 5th. But as the market hit record highs, these reserves climbed up to around $523 million by November 12th.
On September 7, 2021, El Salvador officially recognized Bitcoin as a valid form of currency. To start with, the nation purchased approximately 200 Bitcoins as their initial investment in this asset. Since then, they have been steadily building their holdings. As per data from Arkham Intelligence, El Salvador now owns around 5,900 Bitcoins.
Bhutan’s BTC surpasses $1 billion
In April 2023, it came to light that Bhutan’s cryptocurrency investments were connected to bankruptcy cases involving companies like Celsius and BlockFi. Druk Holding and Investments (DHI), a commercial entity associated with Bhutan’s royal government, was unveiled as a client of these failed businesses.
In May 2023, Bhutanese officials confirmed that the kingdom had been mining Bitcoin since April 2019, when the price of BTC was around $5,000.
Based on data from Arkham Intelligence, the Kingdom of Bhutan is estimated to have Bitcoin holdings worth approximately 1.03 billion U.S. dollars. This includes roughly 12,568 Bitcoins and around 2 million U.S. dollars in Ether (ETH) and various other cryptocurrencies.
On October 29th, Bhutan transferred approximately $66 million worth of Bitcoin when the price peaked at around $71,000. This action hints that the country could be looking to realize its profits. The funds were distributed across two separate transactions to Binance.
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2024-11-12 13:26