The Royal Government of Bhutan executed a significant Bitcoin transfer, moving approximately 650 BTC valued at $74.24 million to cryptocurrency exchange Binance. This activity occurred as Bitcoin prices surged past $120,000, marking a record high.
The transfers, conducted over a two-week period beginning in late June, reactivated a previously dormant wallet associated with Bhutan. An initial transfer of 137.24 BTC, worth $14.7 million, demonstrated strategic timing coinciding with Bitcoin’s volatile upward trajectory.
This move aligns with Bhutan’s broader national strategy integrating cryptocurrency into its economic development plans. The government has previously partnered with Binance to support crypto-related initiatives within the country.
Bhutan’s substantial Bitcoin holdings solidify its position as a notable sovereign entity actively participating in the global cryptocurrency ecosystem.
The nation’s approach, including exploring sustainable mining and potential crypto payment systems, is being closely watched as a potential model for other governments considering blockchain adoption.