Bhutan Surpasses El Salvador with $788 Million in Bitcoin Holdings

Cryptonews John Brightwater September 18, 2024

Bhutan Surpasses El Salvador with $788 Million in Bitcoin Holdings

Summary
Bhutan has amassed a substantial Bitcoin holding of $788 million, surpassing El Salvador and becoming the third-largest government holder of Bitcoin globally. The country initiated Bitcoin mining in April 2019, powered by renewable resources. It also holds a range of altcoins, contributing to its growing cryptocurrency portfolio.

Bhutan has recently made significant strides in the cryptocurrency market, amassing an impressive Bitcoin (BTC) portfolio worth $788 million, surpassing El Salvador in Bitcoin holdings and securing its position as the third-largest government holder of Bitcoin globally, as reported by Arkham Intelligence. The Kingdom of Bhutan’s investment in cryptocurrency has been largely attributed to its proactive approach towards Bitcoin mining operations. Established as early as April 2019, the nation implemented crypto mining efforts utilizing its abundant renewable energy resources such as wind, solar, and hydroelectric power. According to reports from TheBhutanese, Bhutan’s efforts were initially spearheaded by its investment arm, Druk Holdings and Investments (DHI), which received early funding from now-defunct cryptocurrency lenders BlockFi and Celsius. CEO Ujjwal Deep Dahal of DHI highlighted the sustainability of these mining operations, ensuring that they would eventually be able to meet their financial obligations. In 2023, DHI partnered with the cloud mining platform Bitdeer to further enhance its Bitcoin mining venture. As indicated by Arkham Intelligence, Bhutan’s government wallet currently holds an estimated 13,044 BTC. Recent transactions have also revealed outflows from this wallet, including a notable transaction of 41.893 BTC amounting to approximately $2.31 million sent to an anonymous wallet. In addition to Bitcoin, Bhutan has diversified its crypto assets by holding other digital currencies including Ethereum (ETH), The Sandbox (SAND), Polygon (MATIC), Binance Coin (BNB), as well as stablecoins like Tether’s USDT, with an overall valuation exceeding $2 million.

Bhutan, located in the Himalayas, has gained attention for its unique approach to cryptocurrency investment and mining. Whereas many governments remain cautious regarding digital currencies, Bhutan has embraced this technology. The country’s emphasis on utilizing its renewable energy resources for Bitcoin mining has enabled it to accumulate substantial holdings, positioning Bhutan as a formidable player in the global cryptocurrency space, overtaking nations like El Salvador in terms of Bitcoin reserves. Amid ongoing developments in cryptocurrency regulation globally, Bhutan’s strategy provides insight into the potential for countries to engage with this emerging market responsibly and sustainably.

In conclusion, Bhutan’s emergence as a leading holder of Bitcoin exemplifies a forward-thinking approach to cryptocurrency investment. By leveraging sustainable energy for mining operations, the country has positioned itself as an influential player in the digital asset market. Although El Salvador continues to support its Bitcoin initiatives, Bhutan’s larger holdings signify a growing interest and capability in the realm of cryptocurrency amongst nations. The evolution of Bhutan’s cryptocurrency strategy may serve as a model for other nations considering similar ventures in the future.

Original Source: blockzeit.com