As Bitcoin surged past the remarkable $70,000 threshold, the Bhutan government executed a significant financial maneuver that has the crypto community buzzing with speculation. This strategic move coincided with Bitcoin’s price rallying to over $71,000, bolstered by favorable market conditions, impending US elections, and robust technical indicators in the Bitcoin market.
Bhutan Moves $66M Worth Of BTC
In a surprising turn, Bhutan’s government has commenced the transfer of its discreetly accrued Bitcoin holdings as the cryptocurrency’s value soared beyond the critical $70,000 mark. The government-controlled wallet, bearing Bhutan’s official label, moved 935 BTC—valued at an impressive $66 million—to a Binance deposit wallet. This action strongly indicates the government’s intention to liquidate these assets on Binance, the world’s largest cryptocurrency exchange.
On October 29, the $66.5 million transfer was executed in two separate transactions, marking a strategic decision made by the Bhutanese authorities. Currently, Bhutan’s total Bitcoin holdings stand at a substantial 12,450 BTC, with an estimated value of $886.84 million. Earlier today, Bhutan further transferred an additional 102 BTC, worth over $7 million, to Binance.
These transactions come at a time when Bitcoin’s price is experiencing a notable upswing. Presently, the leading cryptocurrency is trading at $71,667, reflecting a 3% increase within the past 24 hours, and is edging closer to its previous high of $73,700, achieved in March of this year. The recent transactions underscore Binance’s role as Bhutan’s primary exchange platform for both deposits and withdrawals, with a cumulative transaction volume of $254.3 million. While Bhutan also engages with other exchanges like Celsius and Kraken, those platforms see comparatively lower transaction volumes.
Bhutan’s Other Crypto Holdings
Beyond its substantial Bitcoin reserves, the Bhutan government’s wallet also contains Ethereum valued at over $1 million, alongside other cryptocurrencies such as BOBO, SAND, MATIC, BNB, BIM, INS, and USDT. Despite these diversified holdings, Bitcoin remains the predominant asset within their crypto portfolio. In a noteworthy development last month, Bhutan overtook El Salvador to become the largest Bitcoin holder in South Asia.
These Bitcoin assets are reportedly associated with the Kingdom of Bhutan’s investment entity, Druk Holdings and Investments (DHI), which has capitalized on the country’s ample hydroelectric resources to mine Bitcoin. Bhutan’s venture into Bitcoin mining was a strategic response to the economic challenges posed by the COVID-19 pandemic. By undertaking direct investments in Bitcoin mining, Bhutan aligns with its broader strategy to diversify revenue streams and embrace innovative financial opportunities. This proactive engagement in BTC mining mirrors a growing trend among nations exploring alternative income sources, further solidifying Bhutan’s position in the global crypto landscape.
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