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On Thursday, the Royal Government of Bhutan once again transferred 365 Bitcoins worth nearly $33.3 million to the Binance crypto exchange. Arkham, a blockchain analytics platform that has been monitoring Bhutan’s holdings since September, spotlighted this transfer.
This transaction coincided with Bitcoin’s remarkable surge to all-time highs of over $90,000. Bhutan’s move has raised eyebrows in the crypto world, especially as the country holds a significant stake in Bitcoin.
Bhutan’s Bitcoin Moves Spark Speculation About Future Strategy
The latest transfer to Binance is significant, adding to previous deposits totaling nearly $100 million in Bitcoin. On October 29, Bhutan sent 929 BTC valued at $66.1 million to the same exchange.
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This suggests that Bhutan is actively managing its crypto assets, though the reasons behind these transfers remain speculative.
While some analysts suggest the funds may be liquidated, others believe Bhutan might be positioning itself for future capital gains. This is especially true as Bitcoin’s price continues to break records.
Bhutan’s Bitcoin transactions are due to the growing interest in cryptocurrencies worldwide. Speculation is growing that other nations may also be quietly accumulating Bitcoin.
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This could be as part of a broader strategy to hedge against traditional currencies and front-run the potential of a national Bitcoin stockpile.
This includes the speculation surrounding the U.S. President-elect Donald Trump’s recent pledge to establish a national Bitcoin reserve, an initiative accepted by US lawmakers and the public.
Bhutan’s Unique Bitcoin Acquisition Strategy
This move is just part of a broader trend for those unfamiliar with Bhutan’s crypto strategy. Thanks to its abundant hydroelectric power, Bhutan has been accumulating Bitcoin since 2020.
Unlike many other countries that acquire Bitcoin through criminal seizures or market purchases, Bhutan has built its reserves organically through Bitcoin mining.
Bhutan’s eco-friendly approach sets it apart from other nation-states in the crypto space. It also highlights the country’s commitment to innovation and sustainability.
The country currently holds a substantial stash of about 12,206 BTC, worth around $1.12 billion. This makes Bhutan the fifth-largest known nation-state holder of Bitcoin, trailing behind giants like the U.S., China, the UK, and Ukraine.
Bhutan’s Billion-Dollar Bet on Crypto Pays Off
As Bitcoin continues to soar, it is making significant price movements. At present, the asset is trading at $88,586, down by 3.72% in the past 24 hours, according to CoinMarketCap data. The digital asset has increased by 21% over the past week and a staggering 115% year-to-date.
The potential for even greater returns is clear for countries like Bhutan, whose Bitcoin holdings are now worth billions. These recent moves only further cement Bhutan’s role as a player on the global crypto stage.
