Bhutan has made headlines by amassing over $1 billion in Bitcoin, thanks to the cryptocurrency’s impressive rise in value this year. According to Arkham Intelligence, the country has been actively mining Bitcoin since 2021 and has ramped up its efforts recently. This surge in holdings aligns Bhutan with other nations, like El Salvador, that are investing in Bitcoin at the state level.
Recently, Bhutan transferred around 900 BTC, valued at about $65 million, to the Binance exchange. While such moves can sometimes indicate a sell-off, Bhutan has continued its mining activities, suggesting that this transfer was more about financial strategy than a reduction in its Bitcoin reserves.
This trend of national Bitcoin accumulation is gaining traction globally. For instance, El Salvador has committed to holding onto its Bitcoin regardless of market fluctuations, and former President Donald Trump has expressed intentions to establish a national Bitcoin reserve if he returns to office.
This growing interest in government-held digital assets reflects a rising confidence in Bitcoin as a legitimate state asset, although it has drawn criticism from skeptics like Peter Schiff.
While Bhutan may not be as influential as larger nations like the U.S., its significant Bitcoin holdings and mining activities contribute to the broader trend of countries embracing crypto. For now, Bhutan seems focused on quietly building its Bitcoin reserves, joining a growing list of nations that are incorporating Bitcoin into their financial strategies.
