Bhutan’s Bitcoin Holdings Surpass $1 Billion Amid Crypto Rally

Bhutan, the Himalayan kingdom known for its unique focus on Gross National Happiness, has seen its Bitcoin holdings surge to over $1 billion as the cryptocurrency market experiences a massive rally.

On November 11, Arkham, a blockchain intelligence and analytics platform, shared data revealing that the Royal Government of Bhutan’s total Bitcoin holdings had crossed the $1 billion threshold. The news comes as Bitcoin prices soar, fueled by bullish market momentum.

Bhutan's Crypto Investments and Strategy

Bhutan’s engagement with cryptocurrencies is not a recent development. The country has been quietly building its digital asset portfolio for some time. In 2023, Bhutan made headlines for its innovative approach to Bitcoin mining, having invested millions of dollars in the sector. The government also formed partnerships with Bitcoin miners and, in May of that year, allocated 5% of its gross domestic product (GDP) to fund the mining of Bitcoin.

By September 2023, Bhutan's Bitcoin holdings had grown to over 13,000 BTC, valued at approximately $750 million. While this was modest compared to the vast holdings of countries like the United States, China, and the United Kingdom, it positioned Bhutan ahead of countries like El Salvador, which is the first nation to make Bitcoin legal tender.

Bitcoin Holdings Now Exceed $1 Billion

As of November 2024, Bhutan’s Bitcoin holdings have continued to appreciate, now totaling 12,568 BTC. With Bitcoin’s price surpassing the $82,000 mark, Bhutan's holdings are now valued at approximately $1.08 billion. This value could increase even further if Bitcoin’s price continues its upward trajectory, potentially surpassing $86,000 in the coming months as market enthusiasm grows.

A Divergent Strategy

Bhutan’s crypto strategy stands in stark contrast to that of other nations. Earlier this year, Germany sold off its entire 50,000 BTC holdings, contributing to selling pressure on the market. Meanwhile, former U.S. President Donald Trump, during his campaign, pledged not to sell the United States' Bitcoin holdings but instead proposed the creation of a strategic Bitcoin reserve.

Bhutan’s growing Bitcoin stash highlights its proactive approach to digital assets, leveraging the potential of Bitcoin as both a store of value and a strategic investment for the country’s future.