Nayib Bukele Update on El Salvador Bitcoin Holdings Shows Growing Stack (2024)

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Nayib Bukele Update on El Salvador Bitcoin Holdings Shows Growing Stack? ›

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 has stated that Bitcoin is held in a state-run "piggy bank" style cold storage vault. He also mentioned that they will be buying 1 Bitcoin every day until "Bitcoin becomes unaffordable with fiat currencies." El Salvador has purchased over 5,700 BTC to date at an average price of around $42,700.

El Salvador Says Its Bitcoin Holdings Are Now Worth $350 Million.

🇺🇸 U.S. Note that if we were to rank countries based on their actual number of crypto owners, India would rank first at 93 million people, China would rank second at 59 million people, and the U.S. would rank third at 52 million people.

The platform is hosted at bitcoin.gob.sv, provides real-time data on the nation's bitcoin reserves. Using public information from Bukele's tweets and blockchain data, the site details how the country has accumulated over 5,748 BTC worth roughly $360 million.

The country's "Bitcoin Office," an official government entity, reports that government coffers now hold 5,750 bitcoins.

Known Bitcoin reserves held by governments account for 2.7% of the total 21 million supply of bitcoins, with the largest being the US Government with over 210,000 bitcoins worth more than $13bn at the time of writing.

President Nayib Bukele recently announced El Salvador's plan to buy one bitcoin every day, aiming to continue this practice until it becomes unaffordable with fiat currencies. This initiative has pushed the nation's bitcoin holdings to a substantial total of 5,690 BTC, valued at approximately $400 million.

The government of El Salvador has used geothermal power from a volcano to mine $29m in Bitcoin. El Salvador has mined almost 474 Bitcoin thanks to a volcano-fuelled geothermal power plant, Reuters reported this week, citing official data from the country's “Bitcoin Office”.

Who owns 90% of Bitcoin? ›

As of March 2023, the top 1% of Bitcoin addresses hold over 90% of the total Bitcoin supply, according to Bitinfocharts.

Bitcoin remains open-source, meaning that no one has the power to own or control it in its entirety.

Since 2015, Bitcoin.com has been a global leader in introducing newcomers to crypto. We make it easy for anyone to buy, spend, trade, invest, earn, and stay up-to-date on cryptocurrency and the future of finance.

Mercado Bitcoin

Based in São Paulo, Mercado Bitcoin is the largest Brazilian exchange with an insightful understanding of the local market.

MicroStrategy owns 214,400 bitcoins as of May 1, 2024. MicroStrategy states the average purchase price as $35,158.00 USD per bitcoin with a total cost of $7.538 billion USD.

How Much Bitcoin Does BlackRock Own? The Blackrock's iShares Bitcoin Trust (IBIT) currently holds 305,591.6 BTC as of June 18, 2024.

Bitcoin's all-time high was $73,835.57, which it reached on March 14, 2024. How much is 1BTC? One BTC represents one bitcoin currently valued at $72,926.37. While global central banks often increase the supply of fiat currencies like the U.S. dollar, the supply of bitcoin is capped at 21 million BTC.