$1.23 Billion BTC Bhutan Government Shovels $65 Million in Bitcoin: Details

U.Today - Analytics account @lookonchain has spotted that one of the countries in the developing world that has recently embraced Bitcoin and several other cryptocurrencies for building a strategic crypto reserve has moved a large BTC stash.

The cryptocurrency community met this tweet with a wave of enthusiasm mixed with puzzlement, guessing at the nature of this transaction.

Bhutan moves $65 million worth of BitcoinBhutan, a country with less than one 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 shoveled 633 Bitcoins valued at $64.57 million. The transaction was split as those Bitcoins were sent to three new blockchain wallets.

As of now, the Bhutan government is a proud holder of $1.3 billion worth of Bitcoin – that is 11,055 BTC.

Bhutan’s Bitcoin holdings are supported by its mining operations. In September last year, the country managed to generate between 55 BTC and 75 BTC on a weekly basis.

Bhutan adopts BTC, ETH, BNB as reserve assetsAs reported by U.Today earlier, Gelephu Mindfulness City (GMC) in Bhutan’s New Special Administration Region has announced that it is building strategic cryptocurrency reserves and is adding three large-cap cryptos to it – Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).

The authorities believe that holding crypto reserves will help the region to enhance its economic resilience and increase its participation in Bitcoin mining.

The cofounder and former chief executive of the Binance exchange, Changpeng Zhao (CZ), wrote an X post about this remarkable achievement for his brainchild (BNB), stating that Bhutan is a “beautiful and smart country,” and it has now adopted BNB.

The newly elected U.S. president also promised to create a Strategic Bitcoin Reserve for the United States by purchasing Bitcoin over the next four years. He is taking office next week, and many are keeping their eyes on whether the BTC reserve will indeed be created.

Currently, the U.S. government (the Department of Justice in particular) holds a whopping 69,370 Bitcoins worth $7,097,961,000 at writing time. These Bitcoins confiscated from a Silk Road hacker can be sold after recent permission given to the DOJ by the court. Bitcoiners are wondering if Trump will be able to prevent this, though the liquidation might happen before he is in power.

Source: Investing.com