$1.23 Billion BTC Bhutan Government Transfers $65 Million in Bitcoin: Details

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The analytics account @lookonchain has identified a nation in the developing world, which has recently adopted Bitcoin and multiple other cryptocurrencies as part of its strategic crypto reserves, transferring a significant amount of Bitcoin.

As an analyst, I found myself enveloped by a surge of excitement and bewilderment within the cryptocurrency community upon encountering a particular tweet. The nature of the transaction it hinted at left many speculating and guessing at its underlying essence.

Bhutan moves $65 million worth of Bitcoin

As an analyst, I find myself examining the geographical location of Bhutan, a small yet significant nation nestled within South Asia and the Eastern Himalayas. This remarkable country shares its borders with two colossal neighbors: China to the north and India to the south.

Based on the cited source, it’s reported that the Royal Government of Bhutan transferred approximately 633 Bitcoins, worth around $64.57 million, into three separate blockchain wallets.

Currently, the Bhutanese government boasts ownership of approximately 11,055 Bitcoins, equivalent to a value of around $1.3 billion.

In recent hours, the Royal Government of Bhutan has moved approximately 64.57 million USD worth of Bitcoin (633 BTC) into three separate digital wallets. Currently, the Royal Government’s Bitcoin holdings stand at around 1.13 billion USD (11,055 BTC).

— Lookonchain (@lookonchain) January 17, 2025

Bitcoin reserves held by Bhutan are sustained through their mining activities. Last September, the nation successfully mined approximately 55 to 75 Bitcoins per week.

Bhutan adopts BTC, ETH, BNB as reserve assets

According to a recent report by U.Today, the Gelephu Mindfulness City (GMC) in Bhutan’s New Special Administration Region has revealed plans to establish a strategic reserve of cryptocurrencies. In this reserve, they will be holding three well-established digital assets: Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

Officials propose that accumulating cryptocurrency reserves could strengthen the region’s economic robustness and broaden its involvement in Bitcoin mining activities.

In a recent post, Changpeng Zhao, the co-founder and former CEO of Binance exchange, expressed pride over a significant milestone for his creation, BNB, by acknowledging Bhutan as a “beautiful and intelligent” nation that has now endorsed the use of BNB.

The recently inaugurated U.S. President has pledged to establish a Strategic Bitcoin Reservation for the nation, intending to acquire Bitcoins over the course of the following four years. As he assumes office in the coming week, there is much anticipation among many as to whether this proposed BTC reservation will actually materialize.

At present, the U.S. government, specifically the Department of Justice, currently possesses approximately 69,370 Bitcoins valued at around $7 billion. These Bitcoins were seized from a hacker connected to Silk Road and are now eligible for sale following a court’s recent approval. Bitcoin enthusiasts are debating if President Trump will be able to intervene in this matter; however, the sale might occur before his term begins.

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2025-01-17 18:52