⚡ Bhutan Offloads $66M in Bitcoin
posted 29 Oct 2024
According to analytics platform Arkham, the Bhutanese government transferred $66 million in Bitcoin to Binance today as BTC prices topped $70,000. This transaction leaves the small Asian country with approximately 12,456 BTC ($889 million).
Transaction details. Source: Arkham official website
Reports of Bhutan’s government investing in crypto first surfaced in 2023. This initiative was managed through the state-owned Druk Holding & Investments, which oversees assets worth $2.9 billion, and included dealings with now-bankrupt U.S. platforms BlockFi and Celsius.
According to the World Bank, Bhutan’s bitcoin reserves exceed 26% of its GDP—roughly 2–3 times the amount held by El Salvador’s government three years after adopting bitcoin as legal tender.
Bhutan’s sales are likely local transactions to cover domestic expenses,commented GN Crypto analyst Anton Kryshtal.
It was later revealed that Bhutan is involved in mining through a partnership with Singapore-based Bitdeer, with part of the revenue allocated to a 50% salary increase for government employees. Mining facilities are located in the unfinished Education City project.
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