The Royal Government of Bhutan has drawn attention after transferring 800 Bitcoin into new wallets, indicating potential future sales.
Bhutan's Large Transactions
According to blockchain tracker Lookonchain, the Bhutanese government transferred 800 Bitcoin, worth around $92 million, into two new wallet addresses. This transfer has sparked interest, as such moves are often followed by sales. Some analysts suggest the new wallets may be linked to a deposit at the global exchange Binance.
Bitcoin Management and Economic Initiatives
This is not the first large transaction by Bhutan's government involving Bitcoin. Earlier this month, on August 5, the government moved 517 Bitcoin to the crypto custodian Cobo Custody. On-chain analysis also revealed a transfer of 650 Bitcoin to Binance in July. Despite these transactions, Bhutan's investment arm, Druk Holding and Investments (DHI), still holds over 9,900 Bitcoin valued at more than $1.154 billion at current prices.
Bhutan's Position in the Bitcoin Market
Bhutan is the sixth-largest government holder of Bitcoin, trailing only behind the United States, China, and the United Kingdom. The government began investing in Bitcoin in 2019 when prices were low, allowing them to accumulate a significant amount. In addition to holding Bitcoin, the government is launching initiatives like a crypto-powered payment system for tourism and using hydropower for sustainable crypto mining.
Bhutan's recent actions highlight its proactive stance in the cryptocurrency market and desire to integrate digital assets into the country's economy.
