Key Points
- Bhutan reportedly holds over 13,000 BTC, more than double El Salvador’s Bitcoin reserves.
- The contrasting crypto strategies of Bhutan and El Salvador highlight diverse approaches to cryptocurrency adoption.
Arkham Intelligence recently unveiled that Bhutan’s Bitcoin [BTC] holdings significantly surpass those of El Salvador, known for its open acceptance of Bitcoin.
Arkham links a group of addresses to Bhutan’s Druk Holdings, which reportedly holds 13,029 BTC, equivalent to around $758 million. These holdings are more than twice the size of El Salvador’s Bitcoin reserves, which started accumulating in September 2021 when Bitcoin prices were around $51,700.
Bhutan vs El Salvador
El Salvador gained worldwide attention in 2021 by becoming the first country to make Bitcoin legal tender, while Bhutan’s crypto strategy has remained largely unnoticed.
El Salvador’s move was inspired by President Nayib Bukele’s vision of using Bitcoin to provide financial services to the unbanked and stimulate economic growth. The country has since accumulated approximately 2,381 BTC, adopting a national approach to cryptocurrency.
On the other hand, Bhutan’s Bitcoin holdings, managed by Druk Holdings, the commercial arm of the royal government, have been much more discreet. The 13,029 BTC holdings revealed by Arkham suggest that Bhutan’s strategy is not so much about public policy but more about using Bitcoin as a store of value and investment tool.
Crypto Adoption on the Rise Globally
The differing approaches of Bhutan and El Salvador underline the diverse strategies countries are adopting with regard to cryptocurrency.
El Salvador’s open embrace of Bitcoin has garnered global attention and set a precedent for other nations considering cryptocurrency as part of their economic policy. Meanwhile, Bhutan’s quieter accumulation of digital assets reflects a broader trend of national institutions quietly entering the crypto market.
Bhutan and El Salvador, despite their different approaches, represent two sides of the same coin: sovereign entities recognizing the potential of cryptocurrency as a key financial asset.
The revelation of Bhutan’s Bitcoin holdings marks a significant chapter in the narrative of global crypto adoption. This indicates that even smaller nations are making substantial moves in the cryptocurrency space.
