El Salvador and Bhutan See Significant Gains in Bitcoin Holdings as BTC Nears $90,000

According to Cointelegraph: El Salvador and Bhutan are experiencing major increases in the value of their Bitcoin holdings, as the recent market rally has pushed BTC close to $90,000. This surge has significantly boosted the crypto assets held by both countries, with their Bitcoin holdings now valued in the hundreds of millions.El Salvador’s Bitcoin Holdings Climb Amid Market RallyEl Salvador, which became the first country to adopt Bitcoin as a legal tender in September 2021, initially purchased 200 BTC as part of its strategy to integrate the cryptocurrency into its economy. Over the years, the nation has gradually expanded its Bitcoin holdings, now estimated to be around 5,900 BTC, according to Arkham Intelligence. The recent market rally increased El Salvador’s Bitcoin valuation from approximately $402 million on November 5 to $523 million by November 12, representing a $100 million gain in a single week.Bhutan’s Bitcoin Investments Surpass $1 BillionBhutan’s Bitcoin holdings, largely held through Druk Holding and Investments (DHI), were first publicly revealed in 2023 as part of bankruptcy proceedings involving crypto firms like Celsius and BlockFi. Bhutan began mining Bitcoin in April 2019 when BTC was valued around $5,000. Today, Bhutan’s holdings stand at 12,568 BTC, valued at approximately $1.03 billion. Bhutan also holds around $2 million in Ether (ETH) and other cryptocurrencies, enhancing its digital asset portfolio.On October 29, Bhutan moved $66 million worth of Bitcoin, potentially hinting at plans to capitalize on recent gains. The funds were transferred to Binance in two transactions, sparking speculation about possible profit-taking strategies.As Bitcoin’s price continues its upward trajectory, both El Salvador and Bhutan are benefiting from substantial increases in their crypto asset values, underscoring the financial impact of Bitcoin’s integration into national reserves.