Bhutan moves $66M to Binance, cashes in on Bitcoin’s climb above $70k Bhutan moves $66M to Binance, cashes in on Bitcoin’s climb above $70k
Bhutan's Bitcoin mining legacy persists, despite questions surrounding recent high-value crypto transactions.
2 min read
Updated: Oct. 29, 2024 at 5:20 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Blockchain data shows that Bhutan’s government recently transferred over $66 million in Bitcoin to Binance.
Data from the blockchain analytical platform Arkham Intelligence showed that the Bhutan government-labelled address initiated three transfers out of its balance within four hours.
The authorities first moved 4.683 BTC, valued at $332,000, to an unlabelled address before transferring around 103 BTC (equivalent to $7.1 million) to Binance, followed by another 839 BTC (about $59 million).
The motivation behind these sales remains unknown. However, some market analysts suggest it could be a strategy to lock in profits, as Bitcoin recently surged past $70,000—the highest level since June.
However, the move has sparked debate within the crypto community. Some have questioned Bhutan’s decision to sell Bitcoin now, pointing to El Salvador as an example of a nation adopting a long-term approach to Bitcoin holdings.
Pledditor, a well-known Bitcoin community member, stated that Bhutan would “regret” its decision to sell BTC because they do not view it as a long-term asset treasury. He stated:
“We’ve never gotten confirmation that Bhutan shares the same view as El Salvador on bitcoin. It’s looking more like they just see Bitcoin as some sort of 5-10 year asset flip rather than a longer term treasury strategy like El Salvador.”
Bhutan’s Bitcoin holdings
Despite these recent sales, Bhutan’s government wallet still holds roughly 12,456 BTC, valued at approximately $886 million, according to Arkham Intelligence. Druk Holding & Investments, Bhutan’s state investment arm, manages these assets.
With this balance, Bitcoin Treasuries data places Bhutan as the fifth-largest national Bitcoin holder, behind the US, China, UK, and Ukraine. Notably, the top three Bitcoin-holding countries acquired theirs through criminal seizures.
However, Bhutan’s BTC reserves were built through its active participation in the mining sector. The South Asian country fully embraced the industry after the COVID-19 pandemic, which significantly impacted its tourism revenue.
Since then, the authorities have focused on Bitcoin mining as a new revenue avenue that allows it to capitalize on its energy resources while diversifying its economy.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.