Bhutan Emerges as 4th Largest Government Bitcoin Holder

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As a seasoned crypto investor with over two decades of experience navigating the digital currency landscape, I find it fascinating to witness the strategic moves of various nations towards Bitcoin and other cryptocurrencies. The recent revelation that Bhutan, a small Himalayan kingdom, holds an impressive $780 million in Bitcoin is nothing short of intriguing.

Located atop the eastern slopes of the Himalayas, Bhutan is predominantly Buddhist, and it’s significant to note that this nation has a considerable amount of Bitcoin – approximately 13,011 Bitcoins, currently valued around $780.49 million.

According to Arkham Intelligence, this discovery represents the initial identification of Bitcoin accounts linked to Bhutan, providing a clear example of the nation’s significant involvement in the cryptocurrency market.

Tiny Himalayan Kingdom Bhutan Holds Massive $780M in Bitcoin

Based on Arkham’s information, Bhutan is one of the world’s top four governments holding Bitcoin, with a value exceeding $750 million. Unlike many other governments, Bhutan’s Bitcoin holdings aren’t obtained through legal seizures, but rather through its booming Bitcoin mining activities. Since early 2023, these mining operations in Bhutan have grown significantly, primarily under the supervision of their investment arm, Druk Holdings.

It appears that mining operations have started at multiple sites, with the largest operation reportedly occurring on the land previously occupied by the Education City project. This timeline of mining activities was confirmed by comparing it to blockchain data from Arkham Intelligence. Additionally, satellite imagery shows the construction of mining facilities at these locations.

In collaboration with Druk Holding & Investments, the Bitdeer team launched Bhutan’s inaugural carbon-neutral Bitcoin mining facility in May 2023. This year, their ambitious expansion plans, as detailed by Bloomberg, aim to escalate this mining capacity from a mere 100 megawatts to an impressive 600 megawatts. In the realm of eco-friendly mining, Bhutan is making waves, thanks to its abundant hydropower resources, solidifying its reputation as a top choice for sustainable crypto mining activities.

Beyond El Salvador: The Unexpected Nations Hoarding Bitcoin

Several nations worldwide, such as their authorities, have gained significant amounts of Bitcoin through various law enforcement actions and strategic moves. Leading this list is the United States of America, holding approximately 207,189 Bitcoins valued at over $13.4 billion. These substantial holdings are primarily a result of confiscations related to criminal investigations since 2020, underscoring the robust legal system in place for managing illegal digital assets.

In the second spot is China, holding approximately 190,000 BTC valued at around $12.6 billion. These bitcoins were obtained as a result of seizing funds from the PlusToken Ponzi scheme. This significant confiscation serves to highlight China’s ability to recover assets stemming from fraudulent activities.

Approximately 1.3 million Bitcoins belonging to the United Kingdom are currently accounted for, with around 61,000 more remaining, valued at approximately $3.9 billion. This substantial amount of cryptocurrency serves as a strong testament to the UK’s proficiency in identifying and seizing illicit digital assets.

In a simplified and natural manner: Ukraine holds approximately 46,351 Bitcoins, and it has employed crypto seizures as part of its larger battle against corruption. It has confiscated cryptocurrencies valued at around $1.5 million from former officials. On the other hand, El Salvador, which is smaller in terms of Bitcoin holdings compared to Ukraine and another unmentioned country, has drawn attention by accepting Bitcoin as a legal tender. Currently, El Salvador possesses 5,748 Bitcoins, with their value reaching $397 million due to favorable market conditions.

Bhutan: The Unexpected Bitcoin Mining Powerhouse

It’s interesting to note that Bhutan ranks fourth among governments in terms of Bitcoin ownership. The investment arm for Bhutan, known as Druk Holdings, manages wallets containing approximately 13,011 Bitcoins. Most of these Bitcoins were mined using environmentally friendly methods due to the country’s abundant hydropower resources.

Emphasizing strategic priorities on eco-friendly mining practices positions this tiny Himalayan nation as a prominent player in the international Bitcoin market. These countries have been steadily increasing their Bitcoin reserves, thus their holdings, which now reflect an emerging influence of cryptocurrency within global financial structures.

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2024-09-16 23:06