According to blockchain analytics platform OnchainLens, an address linked to the Bhutanese government recently transferred and 255.26 BTC (worth $26 million) to two wallets. The identity of the wallets is not known yet.
Historical transaction patterns suggest that the funds may have been sent to Binance, a well-known cryptocurrency exchange. However, this connection is unconfirmed and requires further investigation.
Even after this massive transfer of 255.26 BTC, Bhutan’s government now still holds 11,433 BTC. The worth of these BTC tokens is approximately about $1.16 billion. These Bitcoins have been largely have been obtained through mining powered by the country’s hydropower resources.
Bhutan’s Crypto Strategy Gains Momentum
Bhutan is well-known for its pro-crypto stance. The country has been mining Bitcoins for a long time now using its impressive hydropower sources. The country has always been in news when it comes to cryptocurrency because it has been taking necessary steps to establish reserves. Recently, Gelephu Mindfulness City announced that it will develop reserves for Bitcoin, Ethereum and BNB. This initiative makes the country to be the first jurisdiction in the world to officially recognize and hold digital asset reserves.
In the announcement, it has also been mentioned that the Gelephu Mindfulness City will be conducting a conference in March 2025 with crypto industry leaders and the country’s senior government officials to discuss digital asset recognition and plan to establish an international advisory panel on digital assets for GMC.
Emerging as a Global Crypto Contender
Bhutan’s proactive steps in crypto investment and mining positions it as a rising player in the digital asset economy. Its focus on sustainability and strategic management of Bitcoin’s reserves sets it apart from other nations. By maintaining a significant Bitcoin treasury and promoting transparency in its operations, Bhutan is set for innovation in this sector.
As it continues to capitalize on its unique strengths, Bhutan is solidifying its reputation as a leader in the cryptocurrency landscape. The upcoming conference could further solidify its position as a forward-thinking crypto country.
Also Read: FTX Mess: Pension Plan Sued for Losing $95M
