Key Takeaways
- Bhutan sells $33.5M in Bitcoin on Thursday, reaching $100M in liquidations over 30 days.
- The government holds 12,206 bitcoin worth $1.11B, ranking as the fifth-largest government holder of bitcoin.
- Unlike other nations, Bhutan mines bitcoin using hydroelectric resources.
Bhutan Capitalizes on Bitcoin Price Surges
Bhutan recently sold 367 Bitcoin for $33.5M, bringing its monthly total sales to $100M.
The sale was executed on Binance when Bitcoin’s price exceeded $90,000 but has since dropped to $87,000.
Earlier this month, Bhutan also liquidated $66M worth of Bitcoin when the price reached $70,000.
Fifth-Largest Government Bitcoin Holder
Bhutan holds 12,206 bitcoin, valued at $1.11B, making it the fifth-largest governmental holder of Bitcoin globally.
Its Bitcoin assets are managed by Druk Holding & Investments, which strategically sells portions during market rallies.
Bhutan trails only the United States, China, the United Kingdom, and Ukraine in terms of government-held Bitcoin reserves.
Unique Approach to Bitcoin Mining and Use
Unlike other nations, Bhutan mines Bitcoin using its abundant hydroelectric resources.
Other governments, like El Salvador, are also leveraging Bitcoin to buy back national debt and fund ambitious projects.
