As a seasoned crypto investor with years of market observations under my belt, I find Bhutan’s strategic approach to Bitcoin management truly intriguing. Having witnessed countless bull and bear markets, it’s refreshing to see a government that not only embraces the digital currency but also demonstrates a keen understanding of its price dynamics.
The Royal Government of Bhutan recently sold about 367 Bitcoin, worth around $33.5 million, through Binance. According to Arkham Intelligence, the transfer took place at 12:06 a.m. UTC when Bitcoin’s price was high, above $90,000.
Two weeks ago, Bhutan sold approximately $66 million of Bitcoin at a price point of $70,000, marking another sale. This latest transaction brings their total Bitcoin sales for the past month to nearly $100 million.
As reported by Arkham, the Kingdom of Bhutan holds approximately 12,206 Bitcoins, which equates to a staggering $1.11 billion. This substantial Bitcoin reserve is overseen by Druk Holding & Investments. It seems that Bhutan is strategically taking advantage of price surges to generate income, as they are selling during periods of high-price rallies.
Presently, the government is among the top five governments worldwide with the largest known Bitcoin holdings, trailing behind only the U.S., China, the UK, and Ukraine, based on information from Bitcoin Treasuries.
Instead of acquiring Bitcoin primarily via asset confiscations like many other nations, Bhutan generates its own Bitcoin utilizing the country’s hydropower energy resources.
The approach by Bhutan to capitalize on rising Bitcoin prices has sparked global curiosity, with more and more governments expressing growing interest in the realm of cryptocurrency.
In the United States, indications from President Trump and Senator Cynthia Lummis’ proposed bill hint that the government might be thinking about acquiring more Bitcoin and potentially establishing a “Strategic Bitcoin Reserves.” Bhutan’s actions could provide a model for other countries aiming to incorporate Bitcoin into their national assets portfolio.
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2024-11-14 19:33