El Salvador to Issue Bitcoin Bonds, Which Other Countries Hold Bitcoin?
On January 5, El Salvador's Minister of Finance announced that the government would submit approximately 20 bills involving financial markets and securities investment to Congress to advance the issuance of Bitcoin bonds. The legislation will provide a legal structure and legal certainty for everyone who purchases Bitcoin bonds. Subsequently, El Salvador's President Nayib Bukele also confirmed this fact on Twitter. This news has attracted widespread attention and demonstrates that El Salvador's previously announced plan to establish a "Bitcoin City" is not a gimmick, but is proceeding methodically.
What impact will El Salvador's Bitcoin bond issuance have? Can the world's first Bitcoin City be successfully built? Which other countries hold Bitcoin?
El Salvador's Bitcoin Ambitions
Purchasing and holding Bitcoin, making Bitcoin legal tender, issuing Bitcoin bonds to build a Bitcoin City... Undoubtedly, El Salvador has become the country that most comprehensively embraces Bitcoin globally. The country's President Nayib Bukele is now also an avid supporter of Bitcoin.
On September 7, 2021, Bitcoin officially became El Salvador's legal tender, used alongside the US dollar. El Salvador became the first country in the world to officially use Bitcoin as legal tender. The Salvadoran government expects this measure to enhance financial inclusion, drive economic development, and improve current fiscal conditions. Since El Salvador does not issue its own independent sovereign currency and has always used the US dollar for settlements, and approximately two-thirds of the population does not have a bank account, the country's cross-border remittance business accounts for approximately 24% of annual GDP, making it one of the countries with the highest remittance ratios in the world. Most of these remittances come from transactions with the United States. However, citizens need to bear very high fees when sending remittances through remittance companies, which is no small expense for El Salvador. This proposal was expressed by President Bukele, who stated that using Bitcoin can save El Salvador approximately $400 million in transaction fees annually.
Moreover, on November 21, 2021, Nayib Bukele announced plans to build the world's first "Bitcoin City," which would raise primary funds through the issuance of Bitcoin bonds. Specifically, El Salvador plans to issue $1 billion in 10-year US dollar-denominated bonds with a coupon rate of 6.5%. Before the official issuance, investors have already committed to investing $300 million in El Salvador's Bitcoin-backed bonds (EBB1). Although this is a "verbal commitment," it means that Bitcoin bonds have thus far completed 30% of progress. Of the $1 billion El Salvador plans to raise, $500 million will be used for Bitcoin City's energy and Bitcoin mining infrastructure, while the other half will be used to purchase more Bitcoin and hold it in the treasury.
In addition, El Salvador's Bitcoin ambitions are also reflected in continuously increasing Bitcoin holdings. Before legislating Bitcoin as legal tender, El Salvador had already purchased 400 Bitcoin, showing that the country has been following or studying Bitcoin for some time and had plans early on. From September 2021 to present, the Salvadoran government has made multiple concentrated purchases of Bitcoin. Currently, the country holds a total of 1,391 Bitcoin, ranking fourth among sovereign nations in holdings.
What impact will the issuance of Bitcoin bonds and the construction of Bitcoin City have on El Salvador and the entire market? Forbes Central America recently reported on this event, stating that by March 2022, the Central American debt market could become a reality. Central America has a $120 billion annual debt market, and creating an entity that can attract investors to reduce financing costs is important. Dante Mossi Reyes, President of the Central American Bank for Economic Integration (CABEI), believes that only three countries have the conditions to establish headquarters: El Salvador, Panama, and the Dominican Republic. So, will El Salvador therefore become the future "Wall Street of Central America"?
Furthermore, the large-scale adoption following El Salvador's legalization of Bitcoin has a positive impact on the market, but recently possibly affected by expectations such as Federal Reserve rate hikes, the market has not given a significant response so far. As for El Salvador, whether these measures can truly solve its financial problems remains to be seen. However, judging from current public sentiment and usage within El Salvador, the country's Bitcoin ambitions and plans still face many obstacles and challenges. First, multiple polls show that over half of Salvadorans do not support the Bitcoin bill, and many citizens have taken to the streets to protest against legalizing Bitcoin. After all, Bitcoin is a highly volatile asset with significant price fluctuations, and a sharp decline would have a huge threat to the country's economy. Second, El Salvador has also encountered difficulties technically. Since the Chivo digital wallet was launched, hundreds of citizens have reported that digital assets in their wallets have been stolen, specifically manifested as amounts not arriving for long periods during transfers, while blockchain records show the funds have been transferred out. These lost funds range from tens to thousands of dollars.
Which Other Countries Hold Bitcoin?
In addition to El Salvador, countries worldwide including Bulgaria, Ukraine, Finland, and Georgia currently hold Bitcoin. According to data from buybitcoinworldwide, five countries currently hold a total of 263,308 Bitcoin, accounting for 1.25% of Bitcoin's total supply.
Bulgaria currently holds the largest amount of Bitcoin, with a total of 213,519 Bitcoin, far exceeding the holdings of many large companies and institutions, placing it in the "whale" category of Bitcoin holders. However, these Bitcoin were not directly purchased and invested by the Bulgarian government, but were seized by the government in 2017 through a joint crackdown on an organized crime network, confiscating these crypto assets. The Southeast European Law Enforcement Center (SELC) stated that the criminal network hacked into Bulgarian Customs' computer network and allowed relevant members within their organization to import goods into the country without paying relevant fees. SELC conducted large-scale searches, seizing more than 100 addresses, suspects, and vehicles. Among the recovered items, approximately 213,519 Bitcoin were found. At the time of confiscation, these Bitcoin were worth approximately $500,000, while today these Bitcoin are worth more than $9 billion.
In recent years, multiple countries have seized crypto assets during criminal investigations. The United States first sold Bitcoin seized from the "Silk Road" darknet organization in 2014. Finland similarly seized Bitcoin during criminal investigations, rather than actively purchasing them themselves. Currently, the country holds a total of 1,981 Bitcoin, ranking third. In July 2021, Bloomberg reported that Finland was seeking to hire brokers to sell this batch of Bitcoin confiscated in anti-drug operations, which was worth approximately $79 million at the time and is temporarily held by Finnish Customs. Customs authorities initially hoped to sell in 2018 but were concerned these Bitcoin might fall into criminal hands again, so they postponed the sale. As Bitcoin prices rose last year, this prompted Finnish authorities to decide to liquidate through a secure method. Finnish Customs stated it would sign a two-year agreement with three brokers, with the agreement worth approximately 250,000 euros ($297,000). If seizure quantities increase, the agreement amount could reach as high as 2 million euros.
Ukraine holds the second-largest amount, with the country currently holding 46,351 Bitcoin, accounting for 0.221% of Bitcoin's total supply. Unlike other countries, these Bitcoin are mainly tallied from amounts declared by officials such as members of parliament. According to an April 2021 data report from the Ukrainian government, government officials have declared owning 46,351 BTC. "The largest number of cryptocurrency owners work in city councils, the Ministry of Defense, and the National Police Agency," including several "whales." For example, Dnipro deputy Mishalov Vyacheslav Dmitrovich owns 18,000 BTC, Ukraine's Ministry of Foreign Affairs' Lensky Peter Sergevich holds 6,528 BTC, and Odessa Regional Committee's Urbansky Alexander Igorevich owns 5,328 BTC.
What crypto assets officials hold Source: Opendatabot
These declarations were released as Ukraine implemented asset disclosure requirements for public officials. As of March 31, more than 790,000 such officials declared assets, of which 652 officials declared owning Bitcoin, meaning each declaring public official has an average of 71 Bitcoin. Besides Bitcoin, Opendatabot data shows these government officials also hold other crypto assets, including Ethereum, Litecoin, Cardano, and Stellar. Although Bitcoin has not received legal recognition in Ukraine, this clearly has not prevented officials from investing in this field. On the contrary, those holding large amounts of Bitcoin hold important government positions, which may also make Ukraine a country that promotes Bitcoin adoption through regulation in the near future.
Another country where government officials holding Bitcoin has been publicly tallied is Georgia, though the quantity is relatively small compared to Ukraine. Georgia currently has a publicly reported holding of 66 Bitcoin. Since 2010, the Georgian government has been using a system to track politicians' assets, where every official or politician must declare their assets. Among all 150 members of parliament tallied, George Vashadze owns 57 Bitcoin, a family member of Nino Iobashvili owns 5 Bitcoin, and a family member of IRMA NADIRASHVILI owns 4 Bitcoin. These members of parliament currently directly or indirectly hold more than $3 million in Bitcoin.
With the promotion and popularization of crypto assets globally, we believe that in the future, beyond these countries, Bitcoin will see more adoption and use cases.
Disclaimer
This article may contain product-related content not applicable to your region. This article is intended to provide general information only and does not accept responsibility for any factual errors or omissions herein. This article represents only the author's personal views and does not represent OKX's views. This article is not intended to provide any advice, including but not limited to: (i) investment advice or investment recommendations; (ii) offers or solicitations to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets (including stablecoins) involves high risk, may fluctuate significantly, and may even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For questions regarding your specific situation, please consult your legal/tax/investment professional. The information appearing in this article (including market data and statistical information, if any) is for general reference only. While we have taken all reasonable precautions in preparing these data and charts, we accept no responsibility for any factual errors or omissions expressed herein. © 2025 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less from this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must prominently state: "This article is copyrighted © 2025 OKX, used with permission." Permitted excerpts must cite the article name and include attribution, for example "Article Name, [Author Name (if applicable)], © 2025 OKX". Some content may be generated or assisted by artificial intelligence (AI) tools. Derivative works or other uses of this article are not permitted.
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