Recently, the Bhutan government transferred a significant amount of Bitcoin to the Binance platform. This move is part of a growing trend of governments engaging in cryptocurrency transactions.
Bhutan's Bitcoin Transfer
According to Arkham Intelligence, a cluster of wallet addresses owned by the Bhutan government transferred 374,217 Bitcoin worth $34.144 million on November 14, 2024. Of these, 367,263 BTC, equivalent to $33.51 million, was transferred to Binance's wallet, likely to 'take profit'. A similar transaction was made in October, with a total transfer of 935,031 BTC worth about $66 million.
Bhutan's Bitcoin Holdings and Strategy
In May 2023, Bhutan admitted to mining Bitcoin since 2019, using the country's hydropower resources. By September 2024, Bhutan held 13,029 BTC worth more than $754 million, making it the fourth-largest Bitcoin-holding government in the world. Unlike other countries mainly acquiring Bitcoin through criminal crackdowns, Bhutan actively mines this cryptocurrency.
Future Plans
Currently, the Bhutan government's wallet cluster holds 12,206 BTC worth $1.11 billion. Although the amount held has decreased, the portfolio value has increased by $356 million, equivalent to a profit of more than 47%, as Bitcoin's value reached $91,000 per coin.
The Bhutan government continues to be actively involved in the crypto economy, utilizing natural resources and strategic decisions to enhance its cryptocurrency assets.
