- Bhutan has accumulated $1 billion in Bitcoin, leveraging its excess energy resources for mining and diversifying its economy amid post-COVID struggles.
- As Bhutan leads with its Bitcoin investments, corporate and government interest in Bitcoin is rising, with the U.S. and corporations like MicroStrategy re-evaluating their stance on the cryptocurrency.
A $1 billion Bitcoin (BTC) reserve has quietly been amassed by the Government of Bhutan, leveraging its excess energy resources to mine the cryptocurrency. This strategic pivot was spurred by a need to diversify its economy, particularly as the tourism sector struggled post-COVID.
Despite the sparks of speculation amid the $71K Bitcoin surge in a previous CNF update on Bhutan Government’s BTC transfer, recent data shared in a tweet by Arkham Intelligence reveals that Bhutan’s Druk Holdings, which manages the country’s BTC investments, now holds 12,568 BTC, solidifying Bhutan’s position as one of the top countries with a significant Bitcoin portfolio.
The Royal Government of Bhutan now owns $1 Billion in Bitcoin. pic.twitter.com/y8MQdCqMDy
— Arkham (@ArkhamIntel) November 11, 2024
Bhutan’s decision to engage in Bitcoin mining has showcased its readiness to adapt to new economic opportunities amid shifting global trends.
A Diverse Digital Portfolio with Ethereum and Altcoins
While the country has a substantial BTC reserve, Arkham’s data indicates that Bhutan also occasionally sells portions of its Bitcoin to manage and balance its holdings.
Alongside its BTC holdings, Bhutan has diversified its assets by holding various other tokens through Druk Holdings. The wallet also contains 656 Ethereum (ETH), valued at over $2 million, and other smaller token holdings, highlighting Bhutan’s willingness to explore different areas of the crypto market.
Will the U.S. and Corporations Follow Bhutan’s Lead?
In the United States, conversations around a potential national Bitcoin reserve have resurfaced, especially following discussions under Donald Trump’s campaign. As Bhutan reaps the benefits of its Bitcoin investments, other governments and corporations are re-evaluating their stance on the cryptocurrency.
Wall Street’s growing backing of Bitcoin through spot ETFs has further propelled the cryptocurrency, which has reached new highs of over $84,000, showcasing the asset’s increasing allure for long-term growth.
Corporate interest in Bitcoin has also surged, with MicroStrategy, for instance, recently adding 27,200 BTC to reach a total of 279,420 BTC. At the time of writing, Bitcoin (BTC) is trading at the price of $89,273, having surged by 9.93% in the past day and 29.60% in the past week. See the BTC price chart below.
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Source: https://www.crypto-news-flash.com/bhutan-government-reaches-1-billion-in-bitcoin-holdings-will-the-u-s-and-other-nations-follow/?utm_source=rss&utm_medium=rss&utm_campaign=bhutan-government-reaches-1-billion-in-bitcoin-holdings-will-the-u-s-and-other-nations-follow