The Royal Government of Bhutan has transferred 929 BTC to Binance, coinciding with a surge in Bitcoin prices above $70,000. This transfer, valued around $66.16 million, increases Bhutan’s total holdings to 12,456 BTC, or nearly $891 million. Bhutan has been actively mining Bitcoin since 2017 and has partnered with Bitdeer to establish sustainable mining practices, positioning itself as the fifth-largest national holder of Bitcoin.

The Royal Government of Bhutan has recently executed a notable transaction involving the transfer of 929 Bitcoin (BTC) to the cryptocurrency exchange Binance. This transfer occurred shortly after Bitcoin’s price surged above $70,000—a threshold it had not reached since June 10. According to a tweet from Lookonchain, which referenced data from Arkham Intelligence, this transfer, amounting to approximately $66.16 million, was completed through two transactions on October 29. Following this transfer, Bhutan’s total Bitcoin holdings stand at 12,456 BTC, valued at nearly $891 million. While the reasons behind this transfer remain unclear, it is commonly understood that such deposits to cryptocurrency exchanges often indicate potential plans to sell these assets, particularly in light of Bitcoin’s recent surge exceeding 5% within a single day, and subsequently surpassing $71,700. Bitcoin further ascended, reaching prices above $73,000 within hours. This movement marks Bhutan’s first cryptocurrency export since it deposited 381 BTC with Kraken in July, as well as a recent transfer of 228.8 ETH, valued at around $600,000, to Binance just days earlier. Following these transactions, the wallet retains $1.72 million in Ethereum as its sole other significant cryptocurrency holding. Bhutan’s approach to acquiring Bitcoin differs notably from many other nations; the country has been engaged in Bitcoin mining since 2017, utilizing its vast hydroelectric resources to execute sustainable practices. The Bhutanese government also collaborated with Bitdeer, a Nasdaq-listed mining firm, in May 2023 to establish a 100% carbon-free Bitcoin mining facility. Consequently, Bhutan has emerged as the fifth-largest state holder of Bitcoin, following the United States, China, the United Kingdom, and Ukraine, as per compilation by Bitcoin Treasuries, with these assets managed by Bhutan’s state investment arm, Druk Holding & Investments. Moreover, in response to diminished tourism revenues due to the COVID-19 pandemic, Bhutan has leveraged Bitcoin mining as a new revenue stream. Reports from local media outlets, such as ‘The Bhutanese,’ indicate that income generated from Bitcoin mining has played a significant role in financing a 50% salary increase for various government officials.

Bhutan has positioned itself uniquely in the realm of cryptocurrency by actively engaging in Bitcoin mining since 2017, capitalizing on its abundant hydroelectric resources which provide a sustainable energy source. This strategy has enabled the nation not only to accumulate wealth through Bitcoin but also to create new avenues for economic growth in the wake of reduced tourism revenues prompted by the COVID-19 pandemic. By partnering with established entities like Bitdeer, Bhutan aims to further develop its mining operations sustainably, thereby establishing itself as a significant player among state-level Bitcoin holders globally.

In conclusion, the Royal Government of Bhutan’s recent transfer of 929 BTC to Binance highlights its strategic management of cryptocurrency assets amid a period of rising Bitcoin prices. The government’s commitment to sustainable Bitcoin mining and diversification of revenue streams serves to bolster its financial standing in challenging economic times. Bhutan’s pioneering approach to cryptocurrency continues to distinguish it as a major state actor in the Bitcoin investment landscape.

Original Source: cryptopotato.com

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