Originally published on: October 29, 2024
The Bhutanese government has recently made headlines by moving a significant amount of its Bitcoin stash, totaling over $66 million, to the popular cryptocurrency exchange Binance. This move comes as the price of Bitcoin surged past the $70,000 mark, reaching an all-time high.
According to data from Arkham Intelligence, the government-labelled wallet transferred the substantial sum to Binance in two transactions on Oct. 29. This move indicates the government’s intention to sell the BTC on one of the largest cryptocurrency exchanges in the world.
This decision to sell comes at a time when Bitcoin has been experiencing increased volatility, fueled by profit-taking from large holders, known as whales, as the price soared above $70,000. The Bhutan government still holds approximately $886 million worth of Bitcoin, accumulated over five years through mining and holding activities.
Bitcoin mining has become a significant contributor to Bhutan’s economy, with its Bitcoin reserves representing a substantial portion of the country’s GDP. In 2023, revenue from Bitcoin mining was used to fund a significant salary increase for public servants, showcasing the impact of cryptocurrencies on the country’s financial landscape.
As Bhutan takes steps to leverage its Bitcoin holdings, the global cryptocurrency market continues to evolve, influenced by various macroeconomic factors. Analysts speculate on the potential impact of China’s debt plans and the upcoming U.S. presidential election on Bitcoin prices, highlighting the interconnected nature of the digital asset market.
Stay tuned for more updates on how Bhutan’s government navigates the evolving cryptocurrency landscape and harnesses the potential of its Bitcoin holdings. Don’t miss out on the latest developments in the crypto world by subscribing to our newsletter for weekly insights and analysis.
