Bhutan’s Bitcoin holdings surpass $1b

Bhutan, the Himalayan kingdom famous for its happiness index, saw Bitcoin holdings soar above $1 billion as the crypto market rebounded.

In data shared via X on November 11, Arkham revealed that the Royal Government of Bhutan’s total Bitcoin (BTC) holdings exceeded $1 billion. The blockchain intelligence and analysis platform’s post comes as the flagship cryptocurrency surges amid massive bullish momentum.

Bhutan’s foray into crypto is not new, as the South Asian country has previously invested millions of dollars in digital assets. The country has also sought partnerships with Bitcoin miners and in May 2023 devoted 5% of its gross domestic product to mining the world’s most popular cryptocurrency.

In September this year, Bhutan’s BTC holdings rose to over 13,000 Bitcoins, with a total value of around $750 million at the time. Bhutan held more than El Salvador, although the figure was much lower than the huge holdings of the US, China and the UK. El Salvador, in particular, became the first country to adopt Bitcoin as legal tender.

According to Arkham, Bhutan currently has 12,568 BTC worth over $1 billion as the price of Bitcoin has surpassed the $82,000 level. The current value of Bhutan’s BTC assets stands at $1.08 billion.

If Bitcoin’s price continues its upward momentum, this figure could rise further and potentially surpass $86,000 amid market excitement.

Bhutan’s strategy contrasts with that of Germany, which added to the selling pressure on BTC by selling all 50,000 Bitcoin holdings earlier this year.

Additionally, former US President Donald Trump promised during his campaign that he would never sell Bitcoin holdings in the US, but would instead create a strategic Bitcoin reserve.