Originally published on: October 29, 2024
As Bitcoin surpasses $70,000, the Bhutan government has quickly moved its Bitcoin holdings to Binance, totaling over $66 million. The decision to transfer the funds to the world’s largest cryptocurrency exchange indicates a potential plan to sell the BTC amidst the surging market.
According to data from Arkham Intelligence, the government wallet made two transactions on October 29, transferring $66.5 million worth of Bitcoin to Binance. This move comes as Bitcoin prices hit a significant milestone, causing volatility in the market as large holders consider profit-taking strategies.
The Bhutan government’s wallet, which still holds around $886 million worth of Bitcoin, has been accumulating and mining the cryptocurrency for over five years. This substantial reserve could exert further selling pressure on Bitcoin prices in the near future.
Bitcoin mining has become a vital part of Bhutan’s economy, contributing significantly to its GDP. In 2023, revenue from Bitcoin mining funded a 50% salary increase for public servants in the country. Bhutan currently holds more Bitcoin than El Salvador, a country that embraced Bitcoin three years ago.
The bullish trend in Bitcoin prices is influenced by various macroeconomic factors, including China’s potential debt raise, which could create buying opportunities for Bitcoin investors. Additionally, the upcoming U.S. presidential election is anticipated to impact Bitcoin prices, with a victory by former President Donald Trump seen as a positive development for risk assets like Bitcoin.
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