Bhutan Becomes 4th Largest Bitcoin Holder Among Governments
- Arkham Intelligence's on-chain data revealed Bhutan outpaces El Salvador with13,029 Bitcoin ($BTC)holdings.
- Bhutan is nowthe fourth-largest $BTC holder among governments globally, following the US, China, and the UK.
- El Salvador holds only 45% of Bhutan's $BTC holdings, with 5,875 $BTC (worth $331M).
The South Asian country of Bhutan now has more than double El Salvador's $BTC stash, making Bhutan the fourth-largest $BTC holder among governments, behind the US (213K $BTC), China (190K $BTC), and the UK (61K $BTC).
Bhutan Holds Over $750M in $BTCBhutan's $BTC holdings mainly comes from mining operations rather than investment or crypto seizures by law enforcement.On September 16, Arkham Intelligence revealed that Bhutan's state-owned investment arm, Druk Holdings (DHI), now owns 13,029 $BTC (worth around $758M.) Per Statista, Bhutan's GDP is expected to reach $3.11B by the end of this year, which means the country's current $BTC holdings amount to a quarter of its GDP.
The latest DHI's portfolio also includes 656 Ethereum ($ETH), worth approximately $1.5M, and a small amount of Polygon ($MATIC) and BNB ($BNB) holdings.
In May 2023, DHI partnered with Singapore-based crypto company Bitdeer to develop carbon-free crypto mining operations in Bhutan.
Bhutanese officials confirmed in local news that they began mining $BTC with hydroelectric power in April 2019, when $BTC was trading at around $5K.
In 2021, El Salvador's president Nayib Bukele announced the adoptionof $BTC as a legal tender, making El Salvador the first country to do so. The country generated over $31M in profit within three years of adopting $BTC.
Interestingly, El Salvador uses volcanic geothermal energy to mine $BTC and began purchasing the token at $51.7K in September 2021. According to Nayib Tracker, El Salvador now holds 5,875 $BTC (worth $331M.) This is approximately 45% of Bhutan's Bitcoin holdings.
In SummaryBeyond its impressive $BTC holdings, DHI's portfolio expansion into $ETH, $MATIC, and $BNB reveals a strategic approach to diversifying its investments.
Additionally, Bhutan's green $BTC mining practices could provide the country with new revenue streams and position it as a leader in this domain.
References- Nayib Bukele (read: El Salvador) Portfolio Tracker (nayibtracker.com)
- Macroeconomic Indicators - Bhutan (statista.com)
- DHI confirms that it is mining Digital Assets (thebhutanese.bt)
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