Pakinomist – Analytics account @lookonchain has discovered that one of the countries in the developing world that have recently accepted and several other cryptocurrencies to build a strategic crypto reserve has moved a large BTC warehouse.
The cryptocurrency community met this tweet with a wave of enthusiasm mixed with confusion, guessing at the nature of this transaction.
Bhutan moves $65 million worth of Bitcoin
Bhutan, a country of less than a million people, is located in South Asia, in the eastern Himalayas, bordering China and India.
According to the data source mentioned above, the Royal Government of Bhutan has scooped up 633 Bitcoins worth $64.57 million. The transaction was split when these Bitcoins were sent to three new blockchain wallets.
Right now, the government of Bhutan is the proud holder of $1.3 billion worth of Bitcoin – that’s 11,055 BTC.
Bhutan’s Bitcoin holdings are supported by its mining operations. Last September, the country managed to generate between 55 BTC and 75 BTC on a weekly basis.
Bhutan adopts BTC, ETH, BNB as reserve assets
As reported by Pakinomist earlier, Gelephu Mindfulness City (GMC) in Bhutan’s New Special Administrative Region has announced that it is building strategic cryptocurrency reserves and adding three large-cap cryptos to it – Bitcoin (BTC), (ETH) and ( GDP).
Authorities believe that holding crypto reserves will help the region increase its economic resilience and increase its participation in Bitcoin mining.
The co-founder and former CEO of the Binance exchange, Changpeng Zhao (CZ), wrote an X post about this remarkable achievement for his brain child (BNB), saying that Bhutan is a “beautiful and smart country” and that has now adopted BNB.
The US president-elect also promised to create a strategic bitcoin reserve for the US by buying Bitcoin over the next four years. He takes office next week, and many are watching to see if the BTC reserve will really be created.
Currently, the US government (especially the Department of Justice) holds a whopping 69,370 Bitcoins worth $7,097,961,000 at the time of writing. These Bitcoins confiscated from a Silk Road hacker can be sold after recent permission given to DOJ by the court. Bitcoiners wonder if Trump will be able to prevent this, although the liquidation may happen before he is in power.
