The value of Bitcoin held by El Salvador and Bhutan has increased significantly as the cryptocurrency market continues its upward trend.
On November 12, data from TinTucBitcoin showed that Bitcoin (BTC) reached a new high of $89,700, pushing the total market capitalization close to the $2 trillion mark.
Bitcoin price chart in the last seven days. Source: TinTucBitcoin
This price increase has resulted in significant gains for the BTC holdings of the two countries.
El Salvador's Bitcoin Gains Over $100 Million in a Week
Thanks to the surge in Bitcoin prices, the value of El Salvador's holdings has increased by more than $100 million in just one week.
According to data from the blockchain tracking platform Arkham Intelligence, El Salvador's Bitcoin was worth around $402 million on November 5. However, as the market reached new highs, the Central American country's holdings surged to $523 million on November 12.
Chart of El Salvador's government's Bitcoin holdings in the last seven days. Source: Arkham Intelligence
On September 7, 2021, El Salvador officially adopted Bitcoin as legal tender. At that time, the country had purchased around 200 BTC as its initial investment in the asset. Since then, El Salvador has gradually increased its holdings. According to data from Arkham Intelligence, El Salvador currently holds around 5,900 Bit.
Bhutan's Bitcoin Holdings Exceed $1 Billion
In April 2023, information about Bhutan's cryptocurrency investments was revealed through bankruptcy proceedings related to companies like Celsius and BlockFi. Druk Holding and Investments (DHI), a commercial arm of the Royal Government of Bhutan, was identified as a client of these bankrupt firms.
In May 2023, Bhutanese officials confirmed that the kingdom had started mining Bit in April 2019, when the BTC price was around $5,000.
Cryptocurrency investment portfolio of the Royal Government of Bhutan. Source: Arkham Intelligence
According to Arkham Intelligence, Bhutan currently holds around $1.03 billion in Bit. Bhutan owns approximately 12,568 BTC and also holds around $2 million in Ether (ETH) and other cryptocurrencies.
On October 29, Bhutan transferred $66 million in Bit when the price reached $71K, suggesting that the country may be looking to take profits. The funds were transferred to Binance through two separate transactions.
