The Royal Government of Bhutan continues to actively manage its cryptocurrency assets, recently transferring a significant amount of Bitcoin to one of the largest exchanges, Binance.
Bhutan's Transactions and Their Volume
Recently, Bhutan transferred 99.47 Bitcoin, worth $12.05 million, to the crypto exchange Binance through its investment arm, Druk Holding. This recent transaction was flagged by the analytics platform Onchain Lens on Monday and is part of larger transfers totaling 650 Bitcoin, valued at $74.24 million over the last two weeks.
Market Analysis of Bitcoin Changes
These transfers come amidst a bullish market for cryptocurrencies. For instance, on June 30, the government transferred 137.24 BTC to Binance when the Bitcoin price was around $107,000 each. This action led to government transactions being activated over the next two weeks, suggesting a possible liquidating of their assets in a rising market. The last transfer occurred just two hours after Bitcoin reached its all-time high at $120,000.
Bhutan's Relationship with Cryptocurrencies
The Bhutanese government is actively leveraging cryptocurrency within its development strategy. Under King Jigme Khesar Namgyel Wangchuck, initiatives such as hydro-powered Bitcoin mining and a crypto reserve were implemented. In May, Bhutan partnered with Binance to introduce crypto payments aimed at developing the tourism sector. However, the country faces challenges, such as unstable internet connectivity.
Thus, the Bhutanese government continues to engage significantly in the cryptocurrency space, reflecting its ambition to harness technological advantages for economic growth.
