- In September 2024, the overall holding of Bitcoin by the country was 13,000 which was estimated at about $750 million in that same period of time.
- As per the blockchain analysis firm, Bhutan is the owner of 12,568 Bitcoins in the current scenario.
- The price will continue to rise if Bitcoin shows the similar positive trend. It is speculated that the flagship cryptocurrency will soon cross $90,000 mark.
On November 11, Arkham, a blockchain analysis platform, posted on X that , The royal government of Bhutan now owns $1 Billion in Bitcoin (BTC). The reason influencing this event is the recent bullish momentum shown by the largest cryptocurrency.
The interest of Bhutan in the crypto industry has been since a long ago and the country has invested a lot in the sector. Reports suggests that the investments have so far surpassed millions of dollars in virtual assets.
The country has also looked around for collaborations with Bitcoin miners and in the last year, around 5% of the gross domestic product of the country has been alloted to mine Bitcoin.
Bhutan performs well in the crypto industry
In September 2024, the overall holding of Bitcoin by the country was 13,000 which was estimated at about $750 million in that same period of time.
Bhutan held fourth place in terms of countries that have holdings of Bitcoin and at that time, the holding was comparatively lower than that of the United States, China, and the UK. However, it was higher than El Salvador, the first country which had allowed Bitcoin to function as a legal tender.
Overseeing the scenario, Arkham has reported that dissimilar to the majority of governments, the Bitcoin of Bhutan does not come from law enforcement capture of assets, but it is mainly driven by bitcoin mining operations. And the Bitcoin mining operations have soared since the beginning of the last year.
As per the blockchain analysis firm, in the current scenario, Bhutan is the owner of 12,568 Bitcoins whose worth is now estimated at above $1 Billion. To be specific, it is $1.08 Billion. The reason that the price level has surpassed the billion mark is the largest cryptocurrency showing bullish trend and trading over $80,000.
Bhutan may surpass other countries
The price will continue to rise if Bitcoin shows the similar positive trend. It is speculated that the flagship cryptocurrency will soon cross $90,000 mark. At the press time, Bitcoin is 9.18% up in the last 24 hours and is currently trading at $88,614. The market is still excited about the uptrend and many investors are still putting their money into the largest cryptocurrency.
The strategy of Bhutan is very different from that of Germany, who was the owner of around 50,000 Bitcoins. The country was also responsible for applying a selling pressure over Bitcoin (BTC).
Adding more to this, the newly elected president, Donald Trump has promised the citizens of the United States that he would never sell the Bitcoin holdings of the state. Also, he has guaranteed to make a strategic Bitcoin reserve.
