Bhutan, the small country known for prioritizing happiness, has made a significant investment in Bitcoin. The Royal Government of Bhutan now holds over $1 billion worth of Bitcoin, according to data from Arkham. This news comes as the cryptocurrency market experiences a period of strong growth.
This is not the first time Bhutan has ventured into the world of digital assets. In fact, the country has been investing in cryptocurrencies for some time now. As early as May 2023, Bhutan allocated a significant portion of its GDP to mining Bitcoin. This forward-thinking approach has paid off, with Bhutan’s Bitcoin holdings reaching over 13,000 BTC in September, valued at $750 million.
Despite the fact that Bhutan’s holdings are not as large as those of countries like the United States or China, they still exceed those of El Salvador, which famously adopted Bitcoin as legal tender. Currently, Bhutan holds 12,568 BTC, with a total value of $1.08 billion, thanks to Bitcoin’s price surpassing $82,000.
Looking ahead, Bhutan’s Bitcoin reserves could continue to grow if the cryptocurrency’s price keeps rising. There is even speculation that Bitcoin could reach $86,000 in the near future, further increasing the value of Bhutan’s holdings.
Bhutan’s approach to Bitcoin stands in contrast to that of other countries. For example, Germany recently sold off its entire Bitcoin holdings, while former U.S. President Donald Trump has promised to never sell America’s Bitcoin reserves, instead opting to build up a strategic Bitcoin reserve.
As Bhutan’s Bitcoin reserves grow, it will be interesting to see how the country continues to navigate the volatile world of cryptocurrency. With a focus on innovation and forward-thinking policies, Bhutan is well-positioned to capitalize on the potential of digital assets in the years to come.
