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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 09, 2024 12:02 UTC
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Royal Government of Bhutan Cuts Bitcoin Reserves, Transfers 406 BTC
The Royal Government of Bhutan has accumulated nearly 14,000 Bitcoins since 2021 as a hedge against currency devaluation.
Today, Bhutan transferred 406 Bitcoins (worth ~$40 million) to QCP Capital, reducing its holdings to around 12,000.
Bhutan prioritizes Gross National Happiness (GNH), and its Bitcoin strategy likely contributes significantly to its GNH goals.
As more nations adopt Bitcoin (BTC) as a hedge against the devaluation of fiat currencies, Bhutan has become a key supporter. According to on-chain data from Arkham Intelligence, the Royal Government of Bhutan has purchased nearly 14,000 Bitcoins since early 2021, signaling a strategic move into the cryptocurrency market.
Slowing Down Bitcoin Purchases
However, in recent months, Bhutan’s pace of Bitcoin accumulation has slowed. In the past two months alone, addresses linked to the Royal Government of Bhutan have sold more than 1,000 Bitcoins. Earlier today, the government transferred 406 Bitcoins, worth around $40 million, to QCP Capital.
Bhutan now holds approximately 12,000 Bitcoins, making it the seventh-largest BTC holder among countries with strategic Bitcoin reserves.
Measuring Success with Gross National Happiness
Unlike most nations that measure economic growth with Gross Domestic Product (GDP), Bhutan uses Gross National Happiness (GNH) to assess the well-being of its people. As Bitcoin has increasingly been recognized as “digital gold” by global powers such as the United States and Russia, it’s likely that Bhutan’s Bitcoin holdings have played a role in boosting its GNH.
Green Energy for the Win
Bhutan’s Bitcoin strategy is also supported by the country’s abundant green energy, generated mainly through hydroelectric power. The Royal Government has backed Druk Holding & Investments (DHI), a key player in driving the adoption of digital assets. DHI has contributed 25% of the country’s GDP through its tech investments over the years.
Bhutan is charting a forward-thinking course that may inspire nations worldwide. This is a story to watch!
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