Kingdom of Bhutan Holds Over 13,000 Bitcoins
The Kingdom of Bhutan has quietly amassed a significant Bitcoin reserve, holding over 13,058 Bitcoins valued at approximately 730 million euros. According to an article by Christoph Bergmann on BitcoinBlog.de (source: BitcoinBlog.de), the small Buddhist nation in the Himalayas earns these digital assets through mining operations but sells only minimal amounts.
This revelation positions Bhutan as a notable player in the cryptocurrency space alongside countries like El Salvador and others that have confiscated or acquired substantial Bitcoin holdings. The Royal Government of Bhutan's addresses were identified by Arkham Intelligence, revealing not just their Bitcoin reserves but also holdings of Ether worth around 1.4 million euros.
Bhutan’s foray into crypto began under King Jigme Khesar Namgyel Wangchuck about four years ago when he initiated efforts to transform his country into what Forbes described as a "crypto Shangri-La." Satellite imagery from November 2023 pinpointed several mining facilities nestled within the mountainous terrain, including one located in a former educational project site known as “Education City.” These mines are likely powered by hydroelectricity—a sustainable energy source abundant in this climate-neutral nation.
The strategic use of excess hydropower allows Bhutan to convert it directly into foreign currency via Bitcoin without relying heavily on exports or external dependencies. Despite accumulating Bitcoins since late 2022 with stable holdings observed post-May 2024 due to withdrawals offsetting inflows from miners such as Foundry and AntPool—Bitcoin now plays an integral role in financing parts of its national budget which totals merely $640 million annually compared against GDP figures standing at $2.7 billion USD generated primarily across nearly eight hundred thousand inhabitants residing there today!
In fact, during the past twelve months alone, the government transferred almost nine hundred BTCs onto Kraken exchange equating roughly fifty-six-million dollars, thereby significantly contributing towards state revenue streams already. With each citizen effectively owning an equivalent share amounting up to 0.013 Bitcoins, translating further into yet another quarter annual per capita GDP value-wise, it becomes evident why the relative lead enjoyed presently remains unmatched globally. Considering a hypothetical scenario wherein Germany would need to accumulate seventeen million coins to achieve similar proportions, instead presents an entirely different context altogether.
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