Nayib Bukele Update on El Salvador Bitcoin Holdings Shows Growing Stack

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.

5,700 https://t.co/RohuJdqSxF

— Nayib Bukele (@nayibbukele) March 25, 2024

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.