As a seasoned researcher with a keen interest in emerging financial markets and technologies, I find Bhutan’s strategic investment in Bitcoin intriguing. Having closely observed the crypto market’s volatility and potential over the years, I can’t help but admire the foresight of the Royal Government of Bhutan.
In recent times, the tiny but highly esteemed Himalayan nation of Bhutan, known for its exceptional focus on happiness, has witnessed a significant increase in its Bitcoin assets, pushing their value beyond one billion dollars, as the global cryptocurrency market experiences an upsurge.
On November 11, data from X showed that the value of Bitcoin (BTC) held by the Royal Government of Bhutan exceeded one billion dollars for the first time. This information was shared in a post by a blockchain intelligence and analytics platform, which coincided with a significant surge in the price of Bitcoin as it experienced strong bullish trends.
Bhutan has a history of involvement with cryptocurrencies, as it previously invested substantial sums of money into digital assets. Furthermore, it pursued collaborations with Bitcoin miners. In May 2023, the nation decided to devote 5% of its total domestic product towards mining the world’s leading cryptocurrency.
This year in September, Bhutan’s Bitcoin reserves surpassed 13,000 coins, with a total worth approximately $750 million. Although this amount pales in comparison to the massive holdings of the United States, China, and the United Kingdom, it is more than what El Salvador possesses. Interestingly, El Salvador is the pioneer nation that recognizes Bitcoin as legal tender.
As a crypto investor, I’ve learned that according to Arkham’s latest findings, the tiny Himalayan nation of Bhutan now owns approximately 12,568 Bitcoins. With Bitcoin’s price surpassing $82,000, this staggering sum is now valued at an impressive figure of over $1 billion – a testament to the growing influence and value of cryptocurrency in our global economy.
If Bitcoin’s price trend keeps moving upwards, this value may increase even more, possibly reaching over $86,000 as the market excitement grows.
In a different approach from Germany, who recently liquidated their entire 50,000 Bitcoins, Bhutan has chosen not to sell off its digital assets, potentially alleviating the market pressure on Bitcoin.
Furthermore, Donald Trump, who served as the U.S. President previously, promised during his campaign that he would not liquidate U.S. Bitcoin assets. Instead, he planned to establish a Bitcoin reserves for strategic purposes.
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2024-11-11 23:30