Value

Donald Trump

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bhutan-government-increases-its-bitcoin-holdings-value/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bhutan Government Increases Its Bitcoin Holdings Value</a><br></p>
<p style="text-align: justify">The value of Bitcoin held by the Bhutanese government continues to rise. Recently, the country gained attention for its Bitcoin accumulation, with Arkham Intelligence reporting that it holds $1 billion worth of BTC.</p>
<h2 id="bhutan-and-bitcoin">Bhutan and Bitcoin</h2>
<p style="text-align: justify">Bhutan entered the Bitcoin scene out of economic necessity. The COVID-19 pandemic severely impacted one of its largest sectors, tourism. Consequently, the country redirected its excess energy resources towards Bitcoin mining.</p>
<p style="text-align: justify">According to Arkham Intelligence data, Druk Holdings, which assists the Bhutan Royal Government in BTC transactions, currently holds Bitcoin valued at $1,033,855,613.15. Although the government has stated that it is not engaging in new mining or purchases, the ongoing bull rally has increased the value of its investments.</p>
<p style="text-align: justify">Druk Holdings now possesses a total of 12,568 BTC, worth approximately $1 billion. This positions Bhutan among the top countries with significant Bitcoin portfolios.</p>
<h2 id="governments-and-institutional-bitcoin-investments">Governments and Institutional Bitcoin Investments</h2>
<p style="text-align: justify">The importance of Bitcoin has led many countries and corporate firms to reassess this asset class. Besides Bhutan, the United States is also considering establishing a Bitcoin reserve under the Donald Trump administration, with discussions dating back to Trump’s campaign period.</p>
<p style="text-align: justify">The competition is multifaceted, with corporate firms holding a significant portion of the remaining circulating Bitcoin. As previously reported, MicroStrategy increased its total Bitcoin stock to 279,420 BTC by purchasing an additional 27,200 BTC.</p>
<p style="text-align: justify">Through spot ETF products, traditional Wall Street firms are also supporting this asset class with long-term growth promises. Bhutan and MicroStrategy’s Bitcoin investments coincided with Bitcoin reaching a new all-time high above $84,000.</p>
<h2 id="other-digital-assets">Other Digital Assets</h2>
<p style="text-align: justify">According to Arkham Intelligence, Bhutan also holds other assets within the Druk Holdings wallet. In addition to Bitcoin, Bhutan possesses 656,039 Ethereum (worth over $2 million), 8,889 KIBSHI tokens (valued at $128.98), and 69 million BOBO tokens (worth $98.67).</p>
<p style="text-align: justify">Despite its positive attitude towards Bitcoin, the country does not solely rely on mining and HODL strategies. According to the balance history shared by Arkham, the government occasionally sells portions of its BTC stock.</p>
<p style="text-align: justify">This situation indicates that Bhutan’s approach to digital assets is dynamic and strategic.</p>
<p>The post <a href="https://en.coin-turk.com/bhutan-government-increases-its-bitcoin-holdings-value/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bhutan Government Increases Its Bitcoin Holdings Value</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bhutan Government Increases Its Bitcoin Holdings Value

Table of Contents

COINTURK NEWS

Other articles published on Nov 11, 2024

Cardano Hits $0.63 Following Hoskinson’s Political Announcement, Technical Indicators Signal Caution

Is Bitcoin Set to Soar Even Higher?

Eclipse Launches Ethereum-Solana Hybrid Blockchain

Is Bitcoin Set to Soar Even Higher?

DeltaPrime Security Breached Again: Over $4.7M Drained in New Attack

Five leading SHIB alternatives set for 20,000% growth in next 4 months

Join our free newsletter for daily crypto updates!