Oh, the drama! The Bhutan government just did the digital equivalent of a three-ring circus, flinging $63 million worth of Bitcoin (BTC) into three new digital purses, as Onchain Lens peered into the data provided by Arkham Intelligence.
One of these new wallets is now so heavy with 600 BTC, it’s worth a cool $53 million. That’s more than I’ve ever made in a lifetime of writing essays about my family’s oddities!
Bhutan, the land of happiness and now, apparently, Bitcoin. Since 2019, they’ve been harnessing their rivers like the digital gods they are, mining BTC. Remember when Arkham found that first wallet linked to Druk Holdings last September? Well, after the March 24 shuffle, that wallet’s now got nearly a billion dollars’ worth of Bitcoin. Ka-ching!
Let’s put this in perspective: Bhutan’s crypto stash is now a whopping 30.7% of its GDP. According to the World Bank, that’s like if I had a $2.9 billion fortune and 30.7% of it was a collection of rare, mint-condition Furbies. Impressive!
Bitcoin may be Bhutan’s main squeeze, but they’re not playing monogamous with their digital love. Druk Holdings’ wallet is a veritable crypto dating app, with flings like Ether, LinqAI, Phil, and Apu Apustaja. Because who doesn’t want a little variety in their digital life?
Last October, Bhutan was feeling spicy and moved $66 million of its BTC to Binance. Now, they’re playing a game of musical chairs with their Bitcoin and Ether, moving bits here and there. It’s like a digital shell game!
Crypto Reserves: The New Black for Governments
It’s not just the bigwigs in Bhutan’s national government who are into crypto. Even the city folks are getting in on the action. Gelephu Special Administrative Region is all about those digital assets for their strategic reserve. Trendsetters!
While El Salvador’s Bitcoin holdings are soaring and the US government’s got a fat stack of over $17 billion in BTC, it’s the smaller guys who are really intriguing. Texas is all “Yeehaw, Bitcoin!” but they still need the governor’s John Hancock.
States like Arizona are tiptoeing towards their own Bitcoin reserve laws, while others are like, “Nah, we’re good with just regular money, thanks.”
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2025-03-24 22:17