Bhutan has more reasons to be proud: it owns 12,207 Bitcoin. This investment equals 34% of the country’s GDP.
A small country in the Himalayas like Bhutan is making news worldwide not for its beautiful landscapes but for its bold Bitcoin plan.
A Bold Bitcoin Bet
Bhutan’s bold move into Bitcoin has caught the world’s attention. According to data from Arkham Intelligence, the nation has been quietly mining Bitcoin using renewable energy for over three years. With 2023’s GDP at $2.9 billion, Bhutan’s Bitcoin holdings are transforming its financial landscape. Bitcoin may double or triple; if this happens, the BTC reserve in Bhutan will possibly surpass its GDP.
Royal Government of Bhutan has accumulated $1.1B in #Bitcoin
This is making up 34% of its total GDP
pic.twitter.com/8mxdkeuF6d
— Satoshi Sniper (@SatoshiSniper_) November 20, 2024
Bhutan ranks third globally in government Bitcoin holdings, only behind the United States and the United Kingdom. This is great for a country that does not even compare to one million people in population. The Bhutanese approach is of the same kind concerned with the vision of El Salvador—the world’s first country to start using Bitcoin. In 2021, the President of El Salvador declared Bitcoin as an official currency; today, the investment reached more than $550 million.
Government Bitcoin Holdings: The Global Crypto Landscape 2024
Top Government Bitcoin Stacks:
USA: $15.9B (Largest Holder)
China: $14.5B
UK: $4.67B
Ukraine: $3.53B
El Salvador: $452M
Venezuela: $18.32M
Finland: $6.87M
Germany, however,… pic.twitter.com/6s1QL2QWsv
— AlphablockZ (@AlphablockZ) November 9, 2024
Why Bhutan’s Bitcoin Move Matters
The move isn’t only for money but also to show what crypto could hold for the country’s economy. Bhutan has made Bitcoin mining profitable by harnessing its considerable renewable sources. This new strategy improves its economy and shows how nations can crack the world market using cryptocurrencies.
Furthermore, Bhutan’s Bitcoin decision might still get other developing countries more interested in cryptocurrencies’ potential. If a nation so small as Bhutan can do this, others cannot imagine what is in store for them.
Bhutan has mined over $1 billion worth of #bitcoin using its previously stranded hydropower resources.
My country, Norway, also has abundant, stranded hydropower. When will we start a national bitcoin mining project?
pic.twitter.com/rbUcP8jR5V
— Jaran Mellerud
(@JMellerud) November 19, 2024
What’s Next for Bhutan?
As more nations adopt the world’s first digital currency and more governments ease restrictions on the thriving asset class, Bhutan is in for the wealthiest harvests. When Bitcoin’s price reaches $100,000, investment in Bitcoins could enhance its position as the world leader in cryptocurrency innovation.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Fady Askharoun Samy Askharoun
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