Bhutan Cashes In: Why the Kingdom is Selling Bitcoin Amidst All-Time Highs
Main Idea
The Royal Government of Bhutan is strategically selling Bitcoin during its all-time high to fund national development projects while retaining a significant reserve, reflecting a balanced approach to cryptocurrency investment.
Key Points
1. Bhutan has sold approximately 512.84 BTC, valued at nearly $59.47 million, over the past four days amid Bitcoin's new all-time high of $123,000.
2. The country retains a substantial reserve of 11,411 BTC, worth an estimated $1.4 billion.
3. Bhutan began accumulating Bitcoin as early as 2019 through its state-owned investment arm, Druk Holding & Investments (DHI).
4. The Kingdom views Bitcoin as a funding tool for national development, selling when market conditions are favorable to raise capital for projects like the Gelephu Mindfulness City.
5. This approach contrasts with other nations like El Salvador, which has committed to holding its BTC reserves without selling.
Description
The Royal Government of Bhutan has reportedly accelerated its Bitcoin sales, offloading approximately 512.84 BTC, valued at nearly $59.47 million, over the past four days. This strategic move comes as Bitcoin recently hit a new all-time high of $123,000, prompting questions about the Himalayan kingdom’s long-term cryptocurrency strategy. Despite these sales, Bhutan retains a substantial … Continue reading "Bhutan Cashes In: Why the Kingdom is Selling Bitcoin Amidst All-Time Highs" The post Bhuta...
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