Nayib Bukele’s recent update on El Salvador’s Bitcoin holdings reveals a growing stack

Nayib Bukele’s recent update on El Salvador’s Bitcoin holdings reveals a growing stack, with the nation currently holding approximately $400 million worth of Bitcoin at the current price of just over $70,000.

Since declaring Bitcoin as legal tender in 2021, El Salvador has been steadily increasing its Bitcoin (BTC) reserves. According to President Nayib Bukele, as of Monday, the nation now possesses 5,700 bitcoins, slightly higher than the roughly 5,690 bitcoins held in mid-March.

Earlier this month, Bukele announced that El Salvador had transferred its Bitcoin holdings to cold storage and disclosed the address of its Bitcoin wallet. Surprisingly, the wallet showed a balance of just under 5,690 BTC, surpassing previous estimates provided by public trackers.

The discrepancy in the tracker estimates arose because, in addition to El Salvador’s daily purchase of one Bitcoin, the nation was acquiring additional tokens through the sale of passports, currency conversions from businesses, mining activities, and government services.

Positioning itself as a Bitcoin-friendly nation, El Salvador recently eliminated income tax on foreign remittances, making it an appealing destination for foreign investment and Bitcoin enthusiasts alike. Furthermore, in December, the country enacted a law granting citizenship to Bitcoin investors who contribute to the government through donations.