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News - This country has more Bitcoin than El Salvador
By
19-09-2024
This country has more Bitcoin than El Salvador
In "the happiest country in the world," people own a lot of Bitcoin, even more than in El Salvador. Here's what's behind Bhutan's BTC stocks.
According to data from Arkham Intelligence the royal government of Bhutan owns 13,033 Bitcoin worth $780 million. In addition, the wallet holds 656 ETH (1.51 million U.S. dollars) and cryptocurrencies such as SAND, MATIC, BNB and USDT. With its BTC holdings, the small kingdom in the Himalayas places itself fourth in the world country rankings, ahead of El Salvador.
The Bitcoin nation declared in 2021 by Nayib Bukele owns 5,875 BTC ter at the time of writing. value of $336 million. Bhutan's "digital gold treasure" is not the result of purchases or snatching from criminals, but comes primarily from mining. In mid-2023, the government invested about $500 million to support "green" mining.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
— Arkham (@ArkhamIntel) September 16, 2024
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
Bhutan's gross domestic product in 2022 was nearly $3 billion. Bitcoin exposure thus represents nearly a third of the country's economic output. The nation, which is both Buddhist and Hindu, is a landlocked country between India, China and Nepal. It has set a goal of becoming the "happiest country in the world." A rising Bitcoin exchange rate would certainly help with that.
