PK Press Club – Analytics account @lookonchain spotted that one of the developing world countries that recently adopted and several other cryptocurrencies to build a strategic cryptocurrency reserve has moved a large BTC reserve.
The cryptocurrency community greeted this tweet with a wave of enthusiasm mixed with perplexity, guessing the nature of this transaction.
Bhutan transfers $65 million worth of Bitcoin
Bhutan, a country of less than a million inhabitants, is located in South Asia, in the eastern Himalayas, on the border of China and India.
According to the data source mentioned above, the Royal Government of Bhutan has shoveled 633 Bitcoins worth $64.57 million. The transaction was split as these Bitcoins were sent to three new blockchain wallets.
Currently, the government of Bhutan proudly holds $1.3 billion worth of Bitcoin, or 11,055 BTC.
Bhutan’s Bitcoin holdings are supported by its mining operations. In September last year, the country managed to generate between 55 BTC and 75 BTC per week.
Bhutan adopts BTC, ETH and BNB as reserve assets
As reported by PK Press Club earlier, Gelephu Mindfulness City (GMC) in the New Special Administration Region of Bhutan announced that it is building strategic cryptocurrency reserves and adding three large-cap cryptos – Bitcoin (BTC), (ETH) and (BNB).
Authorities believe that holding cryptocurrency reserves will help the region build economic resilience and increase participation in Bitcoin mining.
Binance exchange co-founder and former CEO Changpeng Zhao (CZ) wrote an article about this remarkable realization of his idea (BNB), stating that Bhutan is a “beautiful and intelligent country” and now adopted the BNB. .
The newly elected US president also promised to create a strategic Bitcoin reserve for the United States by purchasing Bitcoin over the next four years. He will take office next week and many are wondering if the BTC reserve will actually be created.
Currently, the US government (the Department of Justice in particular) holds 69,370 Bitcoins worth $7,097,961,000 at the time of writing. These Bitcoins confiscated from a Silk Road hacker may be sold after recent authorization given to the DOJ by the court. Bitcoiners wonder if Trump will be able to prevent this, even though the liquidation could take place before he takes office.
