Government of Bhutan Holds $828M in Bitcoin.

[Ricardo11]

The government of Bhutan currently holds $828 million in bitcoins.

A small country located in the eastern Himalayas with a population of less than 800,000. This country's government currently holds over $828 million in BTC.

"Bhutan has built bitcoin mining facilities in multiple locations, the largest of which is at the site of the now-defunct Education City project," Arkham Intelligence said.

Arkham also said the crypto intelligence firm explained that it was able to confirm the activity by reviewing satellite imagery and matching the timeline of onchain mining operations. "We were able to support the timeline of on-chain mining activity with time-lapse satellite images of the facility's construction," unlike most governments, Bhutan's BTC law enforcement does not come from seizing assets, but from bitcoin mining operations, which have dramatically increased since early 2023 increased.

News link:
1) https://news.bitcoin.com/government-of-bhutan-holds-828m-in-bitcoin-arkham-data-shows/
2) https://www.aicoin.com/en/article/419903

[Don Pedro Dinero]

News like this is good news, the pity is that it is such a small country. Any medium-sized European city has more GDP than this country. Although it is logical that the pro bitcoin movement starts in small countries like El Salvador or Bhutan. Hopefully larger countries will join in over time, perhaps soon the USA.

[iBaba]

News like this is good news, the pity is that it is such a small country. Any medium-sized European city has more GDP than this country. Although it is logical that the pro bitcoin movement starts in small countries like El Salvador or Bhutan. Hopefully larger countries will join in over time, perhaps soon the USA.

I believe in the philosophy that says, Rome was not built over night and that big steps begin with small moves and that is why I am always very happy and excited to hear about news like this. When countries were being colonized, it didn't necessarily begin with the big country but small and medium sized countries, before they gradually take over bigger countries.

El-Salvador is one of the countries who have participated well in the adoption of Bitcoin technology in its country's financial institutions. Now, imagine if Putin finally gets to implement its announcement to adopt Bitcoin for its international trades and if Bitcoin also get favored by Donald Trump when he assumes the office as the presidet of the United States of America, what will you think about bitcoin by then?

[Fiatless]

For a landlocked country that depends on agriculture and aid to survive, Bitcoin mining is a good means of diversification of its economy. It has a surplus power generation that is even exported to India, which means that Bitcoin mining is a good option. Not selling the coins they have mined might be an indication that they have the long-term knowledge of investing in the sector. The Kingdom of Bhutan might not be a big country, but it is a plus to the Bitcoin ecosystem to see nations that are genuinely investing instead of waiting for seizures.

[Baofeng]

And if I'm not mistaken, they hold more than El Salvador, so the government of Bhutan is under the radar for many years. And that is something that their government should be proud of, as it could mean 25% of the country's GDP.

And if you can see, they have a diversified portfolio. So along the way, the government of Bhutan knows something that other government is the world doesn't, and that is to stack as much Bitcoin and other crypto as they can.

[MinoRaiola]

Bhutan is a small country with 800,000 inhabitants, but it looks like they have understood that bitcoin is important for them. I think there are many more countries that own bitcoin and dont publicize it. El Salvador will always be the number one country that has decided to do this and so far they are successful with it and I think in 2025 they will be even more successful. Many other countries will see this and discuss to buy bitcoin. Bhutan has made it right now, very well.

[davis196]

Bhutan holds BTC. OK, but so what? Almost all the countries around the world are holding seized Bitcoins. Some small and underdeveloped countries like Bhutan and El Salvador are investing in Bitcoin, but that doesn't mean that Bitcoin will be widely accepted as an investment opportunity for most governments around the world. There's no point of writing forum posts about "Country A having X amount of Bitcoins", unless you want to boost your post count. I would be really surprised of news about China and India investing in BTC. Nobody cares about countries like Bhutan.

[icalical]

Such a small country jumping into Bitcoin is interesting, and a good news. It really underlined the strategic shift toward holding $828 million in Bitcoin, mainly from their mining operations. That wasn't due to seizures of the assets, as some governments do, but large-scale mining that really ramped up in early 2023. By using Bitcoin, Bhutan should be able to broaden its traditionally single-industry economy, which depends on hydropower. Their strategy could easily become a model for other small nations willing to enter the crypto world.

[Aanuoluwatofunmi]

The government of Bhutan currently holds $828 million in bitcoins.

A small country located in the eastern Himalayas with a population of less than 800,000. This country's government currently holds over $828 million in BTC.

"Bhutan has built bitcoin mining facilities in multiple locations, the largest of which is at the site of the now-defunct Education City project," Arkham Intelligence said.

I knew it already, that ever since the time I've heard them talk about the discovery of a hidden bitcoin mining facility from one of the Himalaya's Dam, i know they are worth doing something bigger because they were operating underneath and are not giving a public impression of the worth on what they are up to, this could be impressive as well, because the discovery about their mining facility is what we have to first see that had been long operating before noticed, while on their holdings, they could have an increasing holding capacity with time if they continues like this, i wish a country like this could be the one to join the third one to make bitcoin a legal tender.

[hugeblack]

It is better to write the number in Bitcoin as the value may change over time and then we will know how much $828M will be worth after several months or years. I did not know that they had Ethereum holdings so they may not have only been mining Bitcoin or they have been mining Bitcoin and Ethereum for a long time.

[m2017]

More and more small countries with no valuable resources are beginning to understand that bitcoin is a "golden ticket" to the future for them. While large and resourceful countries are trying to figure out what actions to take in relation to bitcoin, little Bhutan has managed to save up ~13,000 BTC.

I assume that mass adoption (or at least tolerance for bitcoiners) of bitcoin will come from such small countries loyal to bitcoin, and not from large and powerful European ones.

[Orpichukwu]

It is better to write the number in Bitcoin as the value may change over time and then we will know how much $828M will be worth after several months or years. I did not know that they had Ethereum holdings so they may not have only been mining Bitcoin or they have been mining Bitcoin and Ethereum for a long time.

The OP needs to make some adjustments to the title. First, the $828M holdings are not just for Bitcoin alone, but they comprise the holding at the address that belongs to the Bhutan government.
 
According to the source provided above, the actual number in Bitcoin is 13.076 BTC, which is worth $826.31M. The rest of the holdings that amount to $828M are from Eth, which is 656.013 Eth worth $1.6M+, and other coins that don't amount to $20 each.

[Iranus]

Bhutan holds BTC. OK, but so what? Almost all the countries around the world are holding seized Bitcoins. Some small and underdeveloped countries like Bhutan and El Salvador are investing in Bitcoin, but that doesn't mean that Bitcoin will be widely accepted as an investment opportunity for most governments around the world. There's no point of writing forum posts about "Country A having X amount of Bitcoins", unless you want to boost your post count. I would be really surprised of news about China and India investing in BTC. Nobody cares about countries like Bhutan.

I see some people getting excited and happy about this news but I really don't see anything special or worth getting excited about. These days, news of a country holding bitcoin is no longer surprising news, especially for small countries.

You are right, even if more countries openly own bitcoin it does not mean that bitcoin will be widely accepted as an investment opportunity for governments. Like the German government, they don't even care about it and are willing to sell it all at any price.

I guess many people here didn't even know Bhutan existed until this article appeared.

[kryptqnick]

Such holdings should be estimated in comparison to some points of reference. So my interest, for example, was to find out more about Bhutan's economy and their GDP. They nominal GDP is tiny, one of the smallest in the world. It is only 2.8 billion dollars. I know, hard to believe, but it seems true. So if annual GDP is 2.8 billion USD, then we're talking about almost 30% worth of GDP in BTC holdings. Now that's hugely impressive if you ask me.
Of course, since it's a small country in an isolated part of the world, and since in global economy this amount isn't that high, the global impact of such news is not significant. But on the scale of this country, it is a lot of trust being put into Bitcoin, and I hope it works out for Bhutan.

[Churchillvv]

It is better to write the number in Bitcoin as the value may change over time and then we will know how much $828M will be worth after several months or years. I did not know that they had Ethereum holdings so they may not have only been mining Bitcoin or they have been mining Bitcoin and Ethereum for a long time.

It's probably around 13,079BTC based on the price of BTC when OP made the screenshot/post. @Ricardo11 take note and possibly change the amounts to be writing in BTC as hugeblack said.

BTW, it's a good move that the country in question has chosen bitcoin to be their biggest investment in crypto and since they have a very small number or citizen and a small capacity for natural resources they have figured out that BTC might be another for of mineral resources (digital gold) hence putting some of the countries capital in to it is very good.
We will keep seeing adoptions like this, fact remains that major countries would probably be the last to adopt but smaller countries would find themselves into it first.

[freedomgo]

The top three holders of Bitcoin are the [1]USA, [2]China, and the [3]UK^{(based on ranking)}. They hold billions of dollars in Bitcoin. https://coinpedia.org/news/countries-with-the-highest-bitcoin-holdings-in-2024/

However, the interesting thing about Bhutan is that most, if not all, of their Bitcoin holdings came from their mining operations. In contrast, the major countries mentioned mostly acquired their holdings through asset seizures. If you look at the difference, these major countries had an easy way of accumulating Bitcoin, using their power to seize large amounts with little effort.

As for El Salvador, which became the first country to declare Bitcoin as legal tender, it's a great example of a true crypto-enthusiast nation. However, as of now, it seems Bhutan holds more Bitcoin than El Salvador.

[hd49728]

The top three holders of Bitcoin are the [1]USA, [2]China, and the [3]UK^{(based on ranking)}. They hold billions of dollars in Bitcoin. https://coinpedia.org/news/countries-with-the-highest-bitcoin-holdings-in-2024/

The full list is accessible with the following website but it does not update information for Bhutan.
https://bitcointreasuries.net/

However, the interesting thing about Bhutan is that most, if not all, of their Bitcoin holdings came from their mining operations.

Bhutan has abundant energy and rather than export it to other neighbor countries, their government decided to use unused energy for Bitcoin Mining. It is a smart decision because it can help the nation increases their national treasury by mining and holding bitcoins.

As for El Salvador, which became the first country to declare Bitcoin as legal tender, it's a great example of a true crypto-enthusiast nation. However, as of now, it seems Bhutan holds more Bitcoin than El Salvador.

El Salvador is one of two countries where Bitcoin is Legal Tender but it is the only nation has Bitcoin Legal Tender enforced practically. There is a portfolio tracker on El Salvador.
https://nayibtracker.com/

It has a page for Micro Strategy portfolio tracker too and I hope the author will add Bhutan to the list.

[mirakal]

We might be surprised that such a small country with limited resources has made such a big splash, but the leadership and the people here have huge faith in Bitcoin and have recognized its tremendous benefits. If I’m not mistaken, this country has the largest Bitcoin reserves of any country investing in it.

We can really see the influence that El Salvador has had, and it’s undeniable that many other countries are starting to open their eyes to these kinds of opportunities. That is why we can’t just overlook this because bitcoin has proven itself time and time again were people are not disappointed from investing despite the high risks.

[Shishir99]

I have read this news already on another platform and it is good to know that Bhutan is holding that much Bitcoin. But OP, you are one of my countrymates and I want to give you some advice regarding creating such news threads.

If someone wants to read news like that, they can go to the new websites and read the news. When you are creating such a thread, we expect the OP to write something on their own. If you do not write your point of view regarding the news, what are we supposed to discuss here? If you continue to create such threads by copy-pasting the news only without writing a word from yourself, the entire section will be flooded with the news. This is not a criticism but advice.

According to the screenshot, Bhutan holds 826 Million in Bitcoin and the rest 2 million in Altcoins.

[Dr.Bitcoin_Strange]

Recently there was a pump in the price of Bitcoin, from $58k to $65k  and someone said it's because the US cut down the interest rate by 0.5% which didn't actually make a much different from the previous time. But I think  news like this one and the other news about micro strategy acquiring 18k+ Bitcoin is what makes the price of Bitcoin to surge high.