Bhutan’s Bold Bitcoin Move: $50M+ BTC Transferred to Binance, Signaling Strategic Shift
Main Idea
Bhutan has transferred over $50 million worth of Bitcoin to Binance, signaling its strategic engagement with cryptocurrencies, possibly for treasury management or investment purposes.
Key Points
1. Bhutan deposited 100 BTC ($11.8 million) to Binance, part of a total transfer of 449.3 BTC ($50.15 million) over eleven days.
2. The choice of Binance likely reflects its liquidity and prominence in the crypto market.
3. Bhutan has been involved in Bitcoin mining since at least 2019 through its sovereign wealth fund, Druk Holdings and Investments (DHI), leveraging hydropower resources.
4. The transfers suggest Bhutan is taking a strategic, long-term approach to digital assets, differing from more public adopters like El Salvador.
5. On-chain data provides transparency into Bhutan's crypto activities, despite the government's traditionally low public disclosure.
Description
Prepare for a fascinating insight into the world of sovereign crypto! The Royal Government of Bhutan, a nation often associated with Gross National Happiness, has just made a series of significant moves in the Bitcoin market, sending ripples through the digital asset community. According to vigilant on-chain analytics provider Onchain Lens, Bhutan has recently deposited a staggering 100 Bitcoin (BTC), valued at approximately $11.8 million at the time of transfer, directly to the global cryptocur...
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