According to CoinDesk, El Salvador has increased its bitcoin (BTC) holdings to 5,700, up from roughly 5,690 in mid-March. The country's president, Nayib Bukele, announced the update on Monday. With bitcoin's current price just above $70,000, El Salvador's bitcoin stack is worth more than $400 million. Bukele had previously stated that the country's bitcoin holdings had been moved to cold storage and published the address of its bitcoin wallet. The wallet showed just under 5,690 BTC, significantly more than what public trackers of El Salvador's holdings had estimated.

The discrepancy in the trackers' estimates was due to El Salvador's policy of purchasing one bitcoin per day, as well as adding tokens through the sale of passports, currency conversions from businesses, and from mining and government services. El Salvador has consistently positioned itself as a bitcoin-friendly nation, eliminating income tax on money coming into the country from abroad earlier this month. This move makes the country an attractive destination for foreign investment and bitcoin enthusiasts. Additionally, in December, El Salvador introduced a law granting citizenship to bitcoin investors who make a donation to the government.