Bhutan’s Bitcoin holdings have surpassed $1 billion, marking a significant milestone for the country as the global cryptocurrency market continues its upward momentum. According to data shared by Arkham on November 11, the Royal Government of Bhutan now holds 12,568 BTC, valued at approximately $1.08 billion, as Bitcoin’s price crossed the $82,000 threshold.
Bhutan’s engagement with Bitcoin is not new. The country, known for its focus on the happiness index, has previously invested millions in digital assets and sought partnerships with Bitcoin miners. In May 2023, Bhutan allocated 5% of its GDP to mining Bitcoin, reflecting its long-term commitment to the cryptocurrency.
As recently as September 2024, Bhutan’s holdings had grown to over 13,000 BTC, worth around $750 million. Though still smaller than the holdings of larger nations like the United States and China, Bhutan’s Bitcoin reserves are more than those of El Salvador, the first country to adopt Bitcoin as legal tender.
With Bitcoin’s price trajectory showing signs of continued growth, Bhutan’s Bitcoin holdings could see their value rise even further. This is in stark contrast to countries like Germany, which sold its entire 50,000 BTC earlier this year, contributing to downward pressure on the cryptocurrency. Meanwhile, former U.S. President Donald Trump has promised to retain the nation’s Bitcoin reserves, proposing the creation of a strategic Bitcoin reserve instead of selling holdings.
Bhutan’s strategy positions it as a significant player in the cryptocurrency space, with its holdings poised to benefit from Bitcoin’s ongoing price rally.
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