As global economies grapple with the devaluation of fiat currencies, various nations are turning to Bitcoin (BTC) as a viable hedge. Among these countries, Bhutan has emerged as a significant supporter of the cryptocurrency revolution. Based on data from Arkham Intelligence, Bhutan’s Royal Government has acquired nearly 14,000 Bitcoins since early 2021, marking a pivotal move into the digital currency landscape.
Slowing Down Bitcoin Purchases
In recent times, Bhutan’s momentum in accumulating Bitcoin has seen a noticeable decline. Over the past two months, government-linked addresses have sold off more than 1,000 Bitcoins. Just today, a significant transfer of 406 Bitcoins, valued at approximately $40 million, was made to QCP Capital. Currently, Bhutan holds an estimated 12,000 Bitcoins, positioning it as the seventh-largest Bitcoin holder among countries with strategic reserves.
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Measuring Success with Gross National Happiness
Unlike the majority of nations that gauge economic progress through Gross Domestic Product (GDP), Bhutan employs Gross National Happiness (GNH) as a measure of its people’s well-being. As Bitcoin gains recognition globally as “digital gold,” it’s plausible that Bhutan’s Bitcoin reserves have contributed positively to its GNH. The adoption of Bitcoin may be seen as a strategic alignment with the nation’s pursuit of happiness and prosperity.
Green Energy for the Win
Supporting Bhutan’s Bitcoin strategy is the country’s wealth of green energy resources, primarily sourced from hydroelectric power. The Royal Government has endorsed Druk Holding & Investments (DHI), a crucial entity in fostering the growth of digital assets. Over the years, DHI has been instrumental in contributing 25% of Bhutan’s GDP through its technological investments.
Bhutan is paving a progressive path that could serve as an inspiration to countries globally. As the world watches, Bhutan’s journey in integrating cryptocurrency and sustainable energy presents a fascinating narrative of innovation and foresight.
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