Nayib Bukele Update on El Salvador Bitcoin Holdings Shows Growing Stack
Summary
El Salvador continues to increase its bitcoin holdings, now owning 5,700 bitcoins, up from 5,690 in mid-March. The country's bitcoin assets are worth over $400 million at the current price of around $70,000 per bitcoin. The increase in holdings is due to the country's policy of purchasing one bitcoin per day, sales of passports, currency conversions from businesses, and proceeds from mining and government services. El Salvador has positioned itself as a bitcoin-friendly nation, eliminating income tax on money coming from abroad and introducing a law granting citizenship to bitcoin investors who donate to the government.
