Bitcoin (BTC), which was publicly denounced by government officials around the world, has become a very popular asset. A number of nations are now showing a renewed interest in cryptocurrency.
While some countries, such as El Salvador, are going full-bore, others, like India have taken it a little slower. A small country, with a GPD of less than $3 billion dollars was seen to be holding substantial amounts of Bitcoin.
Please Read This: Singapore’s DBS Bank To Roll Out Bitcoin, Ethereum Options Trading
Bhutan’s Bitcoin Holdings And Comparison With El Salvador
Bhutan’s Staggering Crypto Holdings
A recent report from Arkham Intelligence revealed that a South Asian nation, Bhutan, had a total of 13,029 BTC. The total value of this is $758,000,000. Arkham says that less than 900,000. people reside in this nation.
Bhutan’s Other Cryptocurrencies
In addition to BTC, other well-known cryptocurrencies are also held by the country. Binance Coin (BNB), Polygon (MATIC) as well as 656 ETH worth nearly $1,5 million are included.
El Salvador’s Bitcoin Holdings
El Salvador is making noise about its interest in Bitcoin. Although it has made efforts to become a El Salvador is a Bitcoin-driven country. Nayib Bukele’s tracker provided data website The nation owns about 45% Bhutan’s holdings.
The value of this amount is $331,000,000 or 5,875 BTC. El Salvador also bought Bitcoin at a higher price than the market. Bhutan.
Please Read This: Bitcoin & Gold Emerge As Top Assets Of 2024: Will The Rally Continue?
How did Bhutan collect so many king coins?
Bhutan BTC Mining Journey
Bhutan has reportedly begun mining BTC as early as April 2019. The king coin traded at $5,000 back then.
The power used was hydroelectric. DHI and Bitdeer joined forces in 2023 to implement carbon-free mines in the nation. Arkham explained the matter. stated,
“Bhutan has constructed Bitcoin mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project. Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.”
Please Read This: Top 3 Cryptos to Buy Now: Maximize Gains, Minimize Risks!
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru