Bhutan Moves Whopping 633 Bitcoin Amid Sharp Price Surge
- Bhutans government executed two substantial transactions: the first involving 255.26 BTC.
- This activity coincides with Bitcoins price resurgence, recently surpassing the $104,000 mark.
In a significant move within the cryptocurrency landscape, the Royal Government of Bhutan has transferred 633 Bitcoin (BTC) to undisclosed addresses, igniting discussions about potential market implications.
On January 17, 2025, blockchain analytics firm Arkham Intelligence reported that Bhutans government executed two substantial transactions: the first involving 255.26 BTC and the second comprising 377.74 BTC. While the exact destinations remain unconfirmed, one of the receiving addresses is speculated to be associated with the major cryptocurrency exchange Binance.
Moreover, this activity coincides with Bitcoins price resurgence, recently surpassing the $104,000 mark. Such governmental movements of large BTC volumes often lead to market speculation about potential sell-offs. Which could influence Bitcoins price dynamics. Despite these transfers, Bhutans government retains a significant cryptocurrency reserve, holding over 11,000 BTC.
Banking on Bitcoin
Furthermore, Bhutans engagement with Bitcoin extends beyond mere holding; the nation has been actively involved in Bitcoin mining operations. Also, leveraging its abundant hydropower resources, Bhutan has mined and accumulated Bitcoin over the past five years. Notably, in 2023, mining revenues contributed to a 50% salary increase for public servants. Underscoring the integration of cryptocurrency activities into the countrys economic framework.
Also, the recent transfer of 633 BTC adds to a series of significant movements by Bhutans government. In October 2024, the government transferred 929 BTC, valued at approximately $66 million at the time, to Binance. Subsequently, in December 2024, another transfer of 502 BTC, worth around $49.42 million, was made to Binance and Singapore-based QCP Capital. These actions have prompted analysts to monitor Bhutans cryptocurrency strategy closely, considering the potential market impacts of such substantial transactions.
As Bhutan continues to navigate the evolving cryptocurrency landscape, its strategic decisions regarding Bitcoin holdings and mining operations remain a focal point for market observers and policymakers alike.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
