After being publicly condemned by governments worldwide, Bitcoin (BTC) emerged as a popular asset. Several nations have developed a new interest in the cryptocurrency sector.
While countries like El Salvador have been going all in, a few others, like India, have been taking it fairly slower. Amidst this, a small country with a GDP of not more than $3 billion was seen holding a substantial amount of Bitcoin.
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Bhutan’s Bitcoin Holdings And Comparison With El Salvador
Bhutan’s Staggering Crypto Holdings
According to a recent report by Arkham Intelligence, a South Asian country, Bhutan, was seen holding a staggering 13,029 BTC. This is worth about $758 million. Less than 900,000 people live in the nation, which Arkham claims is currently home to the fourth-largest state-owned BTC.
Other Cryptocurrencies Held By Bhutan
Along with BTC, the country also holds other prominent cryptocurrencies. This includes a small quantity of Binance Coin (BNB) and Polygon (MATIC) and 656 ETH valued at nearly $1.5 million.
El Salvador’s Bitcoin Holdings
El Salvador has been making noise for its inclination towards Bitcoin. Despite its efforts to emerge as a Bitcoin-led country, El Salvador was seen lagging behind. Data from Nayib Bukele’s tracker website revealed that the nation holds about 45% of Bhutan’s current holdings.
This is about 5,875 BTC, worth $331 million. In addition, El Salvador bought Bitcoin when its price was higher than that of Bhutan.
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How Did Bhutan Bag So Many King Coins?
Bhutan’s BTC Mining Journey
Bhutan reportedly started mining BTC in April 2019. At that time, the king coin was trading at a dainty $5,000.
This was done by employing hydroelectric power. Following this, in 2023, DHI and Bitdeer teamed up to roll out carbon-free mining activities in the country. Elaborating on the same, Arkham stated,
“Bhutan has constructed Bitcoin mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project. Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.”
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