The recent price surge in Bitcoin has had a significant impact on the digital assets held by two countries: El Salvador and Bhutan. According to data from Cointelegraph Markets Pro, Bitcoin (BTC) reached a new high of $89,700 on November 12th, pushing its overall market capitalization near $2 trillion.
El Salvador’s Growing BTC Holdings
El Salvador’s adoption of Bitcoin as a legal tender in September 2021 marked the beginning of its journey into cryptocurrency investing. Initially, the country bought about 200 BTC as its first investment in the asset. Since then, it has gradually increased its holdings. Arkham Intelligence data shows that El Salvador currently holds approximately 5,900 Bitcoin.
The price increase in November has resulted in a significant gain for El Salvador’s Bitcoin holdings. According to blockchain data tracker Arkham Intelligence, El Salvador’s BTC holdings were worth around $402 million on November 5th. However, by November 12th, its holdings had soared to over $523 million, resulting in an increase of more than $100 million in just one week.
Seven-Day Chart of El Salvador Government’s Bitcoin Holdings
| Date | Value (USD) |
| :———- | :———– |
| Nov. 5 | $402M |
| Nov. 12 | $523M |
Source: Arkham Intelligence
Bhutan’s BTC Holdings Exceed $1 Billion
Bhutan, a small country in the Himalayas, has also been actively investing in cryptocurrencies. In April 2023, its 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.
Crypto Portfolio of the Royal Government of Bhutan
| Asset | Quantity |
| :——— | :———- |
| Bitcoin (BTC) | 12,568 |
| Ether (ETH) | approximately $2 million |
Source: Arkham Intelligence
Bhutan’s BTC holdings have surpassed $1 billion. According to Arkham Intelligence, the kingdom now owns about $1.03 billion in Bitcoin and other cryptocurrencies. Its BTC holdings alone total around $1.01 billion.
Recent Activity in Bhutan’s Crypto Holdings
On October 29th, Bhutan moved $66 million in Bitcoin as the price reached $71,000. This transaction suggests that the country may be planning to cash in on its gains. The funds were transferred to Binance in two different transactions.
Global Market Trends and Implications
The recent surge in Bitcoin’s price has had a significant impact on various countries’ cryptocurrency holdings. El Salvador and Bhutan are not the only ones who have benefited from this price increase. Other countries, institutions, and individuals are also reaping the rewards of their investments in cryptocurrencies.
Future Prospects for Cryptocurrency Investing
As the global economy continues to evolve, the role of cryptocurrencies is likely to become more prominent. With governments and institutions increasingly investing in digital assets, the market capitalization of cryptocurrencies is expected to continue growing.
The future of cryptocurrency investing looks bright, with many experts predicting a continued price surge for Bitcoin and other digital assets. As countries like El Salvador and Bhutan demonstrate, even small investments can yield significant returns with the right approach.
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