Bhutan Government Transfers $63 Million in Bitcoin to Three Wallets
The Bhutanese government moved $63 million in Bitcoin to three wallets on March 24. Its cryptocurrency holdings make up 30.7% of GDP, with additional assets in Ether and other coins. The practice of adopting cryptocurrency has extended to local governments, as global interest in Bitcoin reserves grows.
On March 24, the Bhutanese government transferred $63 million in Bitcoin (BTC) to three wallets, as revealed by Onchain Lens, utilizing data from Arkham Intelligence. One wallet was reported to hold 600 BTC, valued at approximately $53 million. Since 2019, Bhutan has capitalized on its extensive hydroelectric resources for Bitcoin mining, and in September 2024, Arkham identified a wallet associated with Druk Holdings, Bhutan’s investment arm, now holding BTC worth $889.9 million.
Bhutan’s cryptocurrency assets represent 30.7% of its GDP, which the World Bank reported at $2.9 billion in 2023. While Bitcoin remains the primary asset, there are indications that the government is not limiting itself to a Bitcoin-only strategy. The Druk Holdings wallet includes $334,580 worth of Ether (ETH), along with modest amounts of other cryptocurrencies, such as LinqAI (LNQ), Phil (PHIL), and Apu Apustaja (APU).
In October 2024, the Bhutanese government transferred $66 million of its BTC holdings to the Binance exchange. Recently, the government has been making gradual withdrawals of smaller BTC and Ether amounts from its primary wallet to various other addresses.
The trend of adopting cryptocurrency reserves is not confined to the national government; local governments in Bhutan are also embracing digital assets. In January 2025, the Gelephu Special Administrative Region announced its intention to incorporate a range of digital assets into its strategic reserves.
Globally, governments that have invested in Bitcoin as a strategic reserve have witnessed substantial growth in their holdings amid the ongoing bull market since 2024. For instance, El Salvador’s BTC assets rose to $100 million in November 2024, while the U.S. government’s stakes in Bitcoin have surpassed $17 billion. Additionally, certain state governments in the U.S. are exploring Bitcoin reserve legislation, with Texas having passed a bill awaiting the governor’s signature, while some states have rejected such initiatives for various reasons.
In summary, the Bhutanese government’s recent transfer of $63 million in Bitcoin highlights its commitment to leveraging cryptocurrency, significantly representing a large portion of its GDP. The use of hydroelectric power for mining and the diversification into other digital assets underscore a strategic approach to cryptocurrency adoption at both national and local levels. As global trends indicate a growing interest in Bitcoin reserves, Bhutan aligns itself with this movement, potentially enhancing its financial standing in the digital economy.
Original Source: cointelegraph.com
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