Earlier this month, El Salvador’s Bitcoin portfolio crossed $760 million as Bitcoin briefly touched $122,000.
According to Arkham Intelligence data, the Central American nation now holds over 6,237 BTC. This surge nearly tripled its estimated average purchase price of $42,000.
At the time of writing, the asset is currently worth around $734M, with the price of Bitcoin sitting at $117,928.
Source: Arkham Intelligence
President Bukele remains defiant to IMF scrutiny
The President of El Salvador, Nayib Bukele, who spearheaded the move to make Bitcoin legal tender in the country in 2021, has faced sharp criticism from international financial bodies and lawmakers but has remained resolute in defending the country’s crypto-forward policy.
The International Monetary Fund (IMF) has consistently urged El Salvador to scale back its ambitious Bitcoin experiment. Since the country’s adoption of Bitcoin, the IMF has warned of significant risks to financial stability, consumer protection, and fiscal integrity.
In a January 2022 statement, the IMF’s executive board formally called on the Salvadoran government to remove Bitcoin’s legal tender status and reduce the public sector’s exposure to the cryptocurrency.
Those warnings have continued over the years and were further emphasized during El Salvador’s negotiations for a $1.4 billion loan. As part of the IMF’s lending conditions, the country was reportedly asked to phase out mandatory Bitcoin acceptance for merchants, scale back use of the state-run Chivo wallet, and avoid accumulating more BTC through direct purchases or mining initiatives, according to an IMF report.
While all these led to a partial reversal, making Bitcoin acceptance optional for businesses, Bukele has continued to add to the country’s holdings.
A few weeks back, Bukele publicly mocked U.S. senators via his X account in response to the “El Salvador Accountability Act of 2025” bill.
The bill was submitted by Senators Tim Kaine (Virginia), Chris Van Hollen (Maryland), and Alex Padilla (California) in June, aiming to probe the country’s cryptocurrency adoption and consider possible sanctions.
Despite the pushback, his administration has stood firm, pointing to the asset’s long-term upside and growing global legitimacy.
Other nations have followed, but profits remain elusive
While El Salvador made headlines as the first country to adopt Bitcoin as legal tender, it isn’t alone. In April 2022, the Central African Republic (CAR) became the first African country and the second nation globally to embrace Bitcoin, alongside its existing use of the CFA franc.
The announcement came via a statement released by the office of the country’s president. “This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” the presidency said.
CAR aimed to tokenize land and natural resources to attract foreign investment. However, with internet access below 11% and limited financial infrastructure, Bitcoin never gained traction with the public, yielding no measurable profit or economic impact. The country froze implementation a month later and eventually repealed the law due to legal and regional currency conflict.
According to CoinGecko, cryptocurrency is legally recognized in 119 countries and four British overseas territories, which represent more than 60% of the world’s nations. Still, only 62 of those jurisdictions (52.1%) have comprehensive crypto laws. Yet beyond El Salvador and CAR, no other government has designated Bitcoin as legal tender, indicating that sovereign-level BTC adoption remains extremely uncommon.
While nations such as the UAE, Singapore, Switzerland, Australia, and the UK haven’t adopted Bitcoin as currency, their pro-crypto regulations have attracted exchanges, blockchain startups, and institutional capital.
Source: CoinGecko
Traders react to price surge, eyes on breakout levels
The surge in Bitcoin’s price has also caught the attention of global traders. According to CoinGecko, BTC traded above $122,121 as of the 13th of this month. Analysts say a breakout above the $119,500–$120,000 range indicates strong buying pressure and could pave the way for further gains.
Source: TradingView
Bitcoin is currently trading at approximately $118,986, according to TradingView data, reflecting modest intraday swings with a high near $119,080 and a low around $117,493.
While Bitcoin’s volatility remains a concern for some policymakers, El Salvador’s mark-to-market gains have placed the country’s bet in stark contrast with earlier criticisms that called the strategy reckless.
