As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I find the recent move by Bhutan’s Royal Government to transfer 929 Bitcoins to Binance quite intriguing. Having seen governments and institutions dabble in cryptocurrencies before, I can’t help but be reminded of my first foray into Bitcoin when it was worth mere pennies.
929 Bitcoins, valued at approximately $66.16 million, were moved by the Government of Bhutan to Binance as Bitcoin’s all-time high (ATH) neared $73,000. With this transfer, Bhutan now owns a total of 12,456 Bitcoins, which equates to around $886.58 million in value.
The transfer raises speculation about the government’s intentions, with analysts suggesting it may be preparing to sell shares to bitcoin holders.
The current market worth of Bitcoin is around $70,978.86, which means Bhutan’s Bitcoin holdings would amount to approximately $888,977,785.63. With the government keeping a close eye on the ever-changing crypto market, this figure underscores the substantial part of the Bitcoin market that they control.
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2024-10-29 15:46