The Kingdom of Bhutan has reportedly amassed a Bitcoin reserve exceeding $1 billion, positioning it among the world’s leading state-level cryptocurrency holders.
Blockchain analytics firm Arkham Intelligence disclosed that Bhutan’s government, through its investment arm Druk Holding & Investments (DHI), holds approximately 12,568 BTC, valued at over $1 billion as of November 11, 2024.
Bhutan’s venture into Bitcoin mining began in 2019, leveraging its abundant hydroelectric resources to power mining operations.
The mining activities have been conducted discreetly, with facilities identified in various locations, including the site of a defunct $1 billion government project known as “Education City.”
The country’s substantial Bitcoin holdings now represent a significant portion of its gross domestic product (GDP), estimated at nearly one-third. This development places Bhutan ahead of other nations like El Salvador, which holds approximately 5,876 BTC.
Bhutan’s approach to cryptocurrency has been characterized by a blend of secrecy and strategic planning.
The government has utilized its renewable energy surplus to support Bitcoin mining, aligning with its commitment to sustainable development. However, the lack of public disclosure regarding these activities has raised questions about transparency and the long-term implications for the nation’s economy.
The global cryptocurrency market has experienced significant growth, with Bitcoin’s value reaching new highs.
Bhutan’s substantial holdings reflect a broader trend of increased institutional and governmental interest in digital assets. As more nations explore the potential of cryptocurrencies, Bhutan’s experience may offer insights into the benefits and challenges of integrating digital assets into national economic strategies.
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