The Royal Government of Bhutan transferred 929 BTC to Binance, valued at approximately $66.16 million, coinciding with Bitcoin’s rise above $70,000. Bhutan now holds a total of 12,456 BTC, making it one of the largest holders of Bitcoin globally. This move may indicate intentions to sell assets as it is the first exchange transaction since July. Bhutan’s sustainable mining practices contribute significantly to its economic strategy.
In a notable development, the Royal Government of Bhutan has deposited 929 BTC into the cryptocurrency exchange Binance, coinciding with Bitcoin’s price surge above $70,000—the highest since June 10. According to data from Arkham Intelligence highlighted by Lookonchain, this transfer occurred via two transactions on October 29, amounting to approximately $66.16 million. Following this transfer, Bhutan’s total Bitcoin holdings stand at 12,456 BTC, valued at nearly $891 million. The reasoning behind this significant transfer remains ambiguous; however, such deposits are often indicative of potential asset liquidation, particularly after Bitcoin’s recent price jump of over 5% within 24 hours, reaching above $71,700 and subsequently surpassing $73,000.
Bhutan has been mining Bitcoin since 2017 utilizing its abundant hydroelectric resources, making it a pioneer in sustainable crypto mining. The country’s current position as the fifth-largest nation-state holder of Bitcoin, with substantial reserves managed via its state investment arm Druk Holding & Investments, has been bolstered through a partnership with Bitdeer, a Nasdaq-listed firm, to create a carbon-neutral mining initiative. This venture into cryptocurrency serves as a strategic response to declining tourism revenue due to the COVID-19 pandemic, with profits from mining contributing to government salaries.
In conclusion, Bhutan’s recent transfer of 929 BTC to Binance highlights its growing involvement in the cryptocurrency market, reflecting the government’s strategic approach to utilize its Bitcoin assets effectively. As the nation continues to leverage its sustainable energy resources for mining, Bhutan solidifies its status in the global cryptocurrency landscape while navigating economic challenges stemming from reduced tourism.
Original Source: cryptopotato.com
