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Bhutan Becomes Fourth-Largest Bitcoin Holder with $780 Million in Holdings | Firstpost America
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And now moving to Asia, Bhutan, the Himalayan kingdom known for prioritizing happiness over wealth, has quietly emerged as a major player in the cryptocurrency world. With $780 million worth of Bitcoin, which is nearly a third of its GDP, Bhutan has become the fourth largest government holder of Bitcoin. Now what's fueling the country's ambitions to become a leader in green crypto mining? Here's our report with answers. Nestled in the Himalayas, Bhutan, a tiny Buddhist kingdom with fewer than 900,000 people, has emerged as an unexpected yet powerful player in the world of cryptocurrency. Known for its serene landscapes, happiness-centric philosophy and commitment to sustainability, Bhutan has quietly amassed a significant treasure. Over 13,000 Bitcoin worth approximately $780 million.
For a country with a GDP of just under $3 billion, this is a staggering sum, making Bhutan the fourth largest government holder of Bitcoin globally. The Himalayan kingdom is only behind the United States, China and the United Kingdom as it overtook El Salvador, Ukraine and Germany. Unlike the United States and China, which gained their cryptocurrency through seizures and legal battles, Bhutan took a more proactive approach by investing directly in Bitcoin mining. And the nation's journey into the digital asset world has been led by its state-owned investment arm, Drukholdings. Now even though Bitcoin, the world's first decentralized digital currency, was created in 2009, it has since evolved from a fringe internet experiment into a globally recognized financial asset.
And what makes Bitcoin unique is its limited supply and its decentralized nature, operating outside the control of any central bank. While on the other hand, mining Bitcoin involves solving complex mathematical problems to validate transactions on the blockchain. A process that consumes significant energy but offers lucrative rewards in Bitcoin currency. Bhutan's decision to mine Bitcoin rather than purchase it directly aligns with its broader strategy to diversify revenue streams. The country's Bitcoin mining activities have been fueled by its abundant hydropower resources, making Bhutan one of the most eco-friendly crypto miners in the world. And Drukholdings has been actively involved in managing Bhutan's Bitcoin assets with recent wallet activity showing a flurry of deposits and withdrawals.
According to Arkham Intelligence, which tracks on-chain analytics, Druk has engaged in significant transactions. In one instance, a whopping $25 million worth of BTC was transferred to their account. So as the world increasingly shifts towards digital assets, Bhutan's embracing of Bitcoin mining reflects a broader trend among nations seeking alternative sources of income. Countries like El Salvador have adopted Bitcoin as a legal tender, while others are holding it as part of their sovereign wealth strategies. Bhutan, however, stands out for its eco-conscious approach, leveraging its natural resources to minimize the environmental impact of mining. Over! Over! Over!.
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Skrybot. 2023, Video transcriptions from YouTube
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