Public announcements from Bhutan's government or major financial news outlets

Bhutan Holds 12,456 Bitcoins Worth $886.84 Million, 30% of GDP, After 935 BTC Transfer to Binance

Oct 29, 2024, 10:59 AM

The Kingdom of Bhutan has made significant strides in cryptocurrency, currently holding 12,456 Bitcoins valued at approximately $886.84 million, which constitutes about 30% of the country's GDP. This follows a recent transfer of 935 Bitcoins, worth about $66.55 million, to the Binance exchange, likely in anticipation of selling at prices above $70,000. Bhutan began its Bitcoin mining operations in 2019, capitalizing on its hydroelectric power resources. The government's Bitcoin holdings rank fourth globally among national reserves, highlighting Bhutan's unique position in the cryptocurrency landscape.