Royal Bhutan Government Sells 367 Bitcoin on Binance
- Bhutan made a move by selling 367 Bitcoin (BTC) worth about $33.5 million on Binance.
- Is Bhutan utilizing the BTC surge?
Bhutan has been quietly mining Bitcoin since 2021. Using its hydropower, Bhutan runs low cost, sustainable mining operations and has accumulated over 12,200 BTC, worth about $1.11 billion, making it one of the largest government holders of Bitcoin.
Why Bhutan Is Selling Bitcoin
According to Arkham Intelligence, Bhutan moved BTC of 367 for about $33M. By selling some BTC now, Bhutan can bring in extra funds to increase its economy without relying on loans or outside aid. Recent Bitcoins surge paved the way for it.
As Bhutans economy is mostly supported by hydropower and tourism, so Bitcoin sales may be a way to add new income for projects like infrastructure, healthcare, or education.
Mining and selling Bitcoin may be part of Bhutans plan to become less dependent on traditional finance. By earning from digital assets, Bhutan could create more financial stability and explore new growth opportunities for its small economy.
Despite recent sales, Bhutan still holds over 12,000 BTC, showing its belief in Bitcoins future value. By selling some while keeping the rest, Bhutan is balancing profit-taking with long term investment.
Crypto Community Reactions and the U.S. Connection
Some people in the crypto community wonder why Bhutan chose to sell on Binance instead of in private deals, which would have less impact on Bitcoins price. Bhutans actions come at a time when the U.S., under pro-crypto President Donald Trump, is also showing more interest in Bitcoin. Trump has suggested building a Strategic Bitcoin Reserve, and Senator Cynthia Lummis proposed a bill for the U.S. to buy 1 million BTC each year for the next five years.
Thus Bhutans involvement in Bitcoin shows how a small country can use digital assets to support its economy. This may inspire other nations to consider the benefits of cryptocurrency, especially during times when Bitcoin is gaining more attention worldwide
Read more: https://thenewscrypto.com/royal-bhutan-government-sells-367-bitcoin-on-binance/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
