Bhutan’s Bitcoin stash worth $1.2 billion

Bhutan’S BTC  holdings soar to over $1.2 billion.  

Arkham data showed that the total amount of Bitcoin held by the Royal Government of Bhutan had surpassed $1 billion as the Bitcoin market surged in the face of tremendous bullish momentum.

Bhutan held more than El Salvador, though still far less than the Bitcoin stash held by the US, China, and the UK.  Bhutan’s Bitcoin holdings are currently worth $1.2 billion. 

Bhutan has invested millions of dollars in digital assets, so its entry into the cryptocurrency market is not new.  Additionally, the nation collaborated with Bitcoin miners, and in May 2023, it set aside 5% of its GDP for mining the pioneer crypto asset.

The tiny Asian nation, which has a GDP of only $3 billion, obtained its substantial bitcoin holdings through state-run mining facilities that use renewable energy.

The government-owned Druk Holdings and Bitdeer Technologies Group teamed up to launch carbon-free mining operations in the small nation. There are some mining farms in Bhutan. The largest was the now-defunct “Education City” project.

Bhutan is demonstrating an interest in learning more about the cryptocurrency space. The nation’s central bank, the Royal Monetary Authority has been investigating possible collaborations with Ripple in order to create a central bank digital currency. The RMA intends to encourage cashless transactions and financial inclusion among its citizens by utilizing Ripple’s sustainable blockchain technology.