One capsule a day! El Salvador's BTC holds 500 million magnesium, and "this country" has more than that

Salvadoran President Nayib Bukele announced the implementation of the 'Buy BTC Every Day' program on November 17, 2022. It is planned to use national treasury assets to DCA BTC and has publicly disclosed the national treasury Address. As of the deadline, El Salvador's BTC reserves have reached 5932.77 coins, with a total value exceeding 520 million US dollars.

Source: El Salvador BTCAddress, adding one coin per day

Money can't buy foresight! Salvadoran President uses sarcasm to launch counterattacks

Bukele announced the "one grain a day" plan in the second week after the FTX crash. BTC big dumped to the lowest point of this round, $15,500. At that time, the crypto world community was filled with unprecedented fear, uncertainty, and doubt, and the mainstream media kept reporting "BTC is dead". However, Bukele went against the tide and DCA BTC every day, which made him the target of ridicule from the media or the community during that period.

As the project approaches its two-year mark, El Salvador's BTCHoldings has started to realize positive returns at the end of 2023; Bukele, in a post on X platform yesterday, conveyed a strong sense of self-mockery towards the skeptics with just one 'long wick candle' and a full confidence in his own decision-making by simply saying 'I told you so.'

Image source: X/@nayibbukele Salvadoran President mocks

Is there a lot of Bitcoin in El Salvador? No!

Although El Salvador is the first country in the world to adopt BTC as its legal currency, its BTC reserves are actually far less than those of some countries or large enterprises. According to Arkham Intelligence, Bhutan, with a total population of only 800,000 in South Asia, holds 12,574 BTC, with a total value of up to 1.1 billion US dollars. Similar to El Salvador, which mines BTC using geothermal power generation, Bhutan also relies on green energy, namely abundant hydroelectric power from the Himalayas, to mine BTC and has become the fourth-largest BTC holder recorded by Arkham.

Image source: Arkham Intelligence Bhutan Bitcoin Reserve

The US government also has BTC, reaching this number.

According to Arkham data, the US government also owns 208,109 BTC, with a total value of up to 18.5 billion US dollars; however, these BTC were not purchased through the treasury, but were confiscated from hackers or illegal money flows.

Image source: Arkham Intelligence US government BTC reserves

Earlier, U.S. Senator Cynthia Lummis pushed for a "BTC Reserve Bill" supported by both the Republican and Democratic parties, calling for the purchase of more than 5% of the BTC balance in circulation from the national treasury. The proposal aims to purchase 1 million BTC in the next five years; Congressman Ro Khanna also believes that the U.S. should use confiscated BTC as a strategic reserve to minimize the national debt drop as much as possible.

This series of BTC-dependent strategic reserve plans reflects the increasing value of BTC as digital gold, which is gradually being recognized by governments and the public, and is expected to make BTC an important pillar of the global economy in the future.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.

『One capsule a day! El Salvador's BTC holdings of 500 million magnesium, "this country 'has more than that'" This article was first published in "Encryption City"