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    Bitcoin’s recent surge to $89,700 boosts the economies of El Salvador and Bhutan

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    El Salvador, Bitcoin, B-man

    30s Summary

    Bitcoin’s recent high of $89,700 has significantly benefited El Salvador and Bhutan. The surge increased El Salvador’s Bitcoin holdings from $402 million to $523 million in a week, thanks to the country’s legal adoption of the cryptocurrency since September 2021. Bhutan is reportedly sitting on over $1 billion in Bitcoin, having been quietly investing since 2019 through companies like Celsius and BlockFi; a recent move of $66 million worth of Bitcoin to Binance suggests Bhutan may be intending to secure profits.

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    Bitcoin value is through the roof, and it’s good news if you’re El Salvador or Bhutan because they’ve scored some neat profits. Bitcoin’s price hit a total high of $89,700 recently, which pushed its total market value closer to $2 trillion.

    Because of this price hike, it’s fair to say the Bitcoin game has been pretty rewarding for El Salvador and Bhutan. In fact, El Salvador topped up its Bitcoin collection by more than $100 million in a single week because of the price boost.

    If you checked how much Bitcoin El Salvador had on November 5, it was around $402 million. But with the market skyrocketing, El Salvador’s Bitcoin stash went up to $523 million on November 12. Keep in mind, El Salvador has been all in on Bitcoin since September 7, 2021, when they officially made it a legal method of payment. They bought about 200 Bitcoin to start off, and since then they’ve kept adding and now have about 5,900 Bitcoin.

    On the other side, Bhutan has been sitting on a Bitcoin goldmine worth more than $1 billion. Back in April 2023, it surfaced that they’d been investing in Bitcoin through some companies that went bankrupt, like Celsius and BlockFi. By May 2023, it was confirmed that Bhutan had been quietly mining Bitcoin since April 2019 when Bitcoin’s price was around $5,000.

    Right now, Bhutan is sitting pretty on approximately 12,568 Bitcoins and also holds roughly $2 million in Ether and other digital tokens. They actually moved $66 million in Bitcoin on October 29 when the price reached $71,000. This move suggests Bhutan might be planning to put some profits in its pocket as they transferred the funds to Binance in two separate transactions.

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