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Finance

Nayib Bukele Update on El Salvador Bitcoin Holdings Shows Growing Stack

At the current price just above $70,000, the nation now holds about $400 million worth of bitcoin.

By Lyllah Ledesma
AccessTimeIconMar 26, 2024 at 2:28 p.m. UTC
Updated Mar 26, 2024 at 2:30 p.m. UTC
El Salvadoran President Nayib Bukele (Government of El Salvador, modified by CoinDesk)
El Salvadoran President Nayib Bukele (Government of El Salvador, modified by CoinDesk)

El Salvador, the nation that made bitcoin legal tender in 2021, continues to up its bitcoin (BTC) holdings.

The country’s president, Nayib Bukele, said on Monday that the nation now owns 5,700 bitcoins versus mid-March's roughly 5,690.

At bitcoin's current price just above $70,000, El Salvador's bitcoin stack is worth more than $400 million.

Bukele earlier this month said his country's bitcoin holdings had been moved to cold storage and published the address of its bitcoin wallet. That wallet showed just under 5,690 BTC, significantly more than what public trackers of El Salvador's holdings had estimated.

The trackers were off because in addition to the country's long-standing policy of purchasing one bitcoin per day, El Salvador was also adding tokens via the sale of passports, currency conversions from businesses, and from mining and government services.

Consistently positioning itself as a bitcoin-friendly nation, El Salvador also this month eliminated income tax on money coming into the country from abroad, making it an attractive destination for foreign investment and bitcoin enthusiasts.

The nation also introduced a law in December granting citizenship to bitcoin investors who make a donation to the government.

Edited by Stephen Alpher.

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Lyllah Ledesma
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter