Government of Bhutan Holds $828M in Bitcoin.

[Porfirii]

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.

By news like this one you mean Bhutan holding Bitcoin? Although I think this is good news, and a beautiful anecdote at least for crypto-enthusiasts like us, I don't think it has nothing to do with the recent surge in price. The rate cuts yes, of course, but that's another topic.

Compared with the top hodlers mentioned above, the amount might sound ridiculous, but I think Bhutan's is a very good rate per capita, if we take into account their small population.

[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/

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

Yeah, I saw that. That’s why I compared Bhutan to El Salvador since El Salvador is on the list with relatively low holdings compared to what's being reported now.

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.

Definitely, and it's a global currency that's bound to increase in value in the long run, regardless of what happens to any country’s economy. We've already seen this before, Bitcoin has had its ups and downs, but if you look at the bigger picture, the trend is always upward.

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/

So El Salvador's last purchase was way back on Nov 17, 2022? No wonder their holdings aren't that huge, but they timed their buy really well since the price was below $20K at the time, compared to the current price, which is now over $60K.

[fuguebtc]

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.

$828 million is equivalent to 13k BTC and it took just 1 week for bitcoin ETFs to reach that number. But ETFs have been buying bitcoin for months now and they're holding close to 1 million bitcoins, but ironically even that hasn't been able to trigger a bitcoin bull run for bitcoin, so far. Do you think that just because this small country holds a negligible amount of bitcoin, and it has impacted the market and caused bitcoin to increase? Does this make sense?

Have you tried checking MicroStrategy's previous bitcoin purchases? I bet you will be more surprised and disappointed than you think because almost every time they buy, the market corrects afterward. I don't know if it's a coincidence or not but this happens often.
Fed rate cuts have a positive impact on the entire world economy, not just bitcoin. If you don't believe me, you can check the gold and stock markets and you will see.

[pawanjain]

We have been having the same discussion on our local board HERE .
Bhutan has been mining bitcoin without any issues from the government and has been able to accumulate over 13000 bitcoins.
That's around 1/3 of the GDP of Bhutan which is a significant number but the question arises that who holds these bitcoins.
Whether it's the King of bhutan or the investment firm Druk Holdings are having the private key to all the bitcoins.

[SamReomo]

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.

That's a good news, most of us know that Bhutan is a crypto and mining friendly country and thus holding that much amount of Bitcoin by such a country makes sense. I believe they've plans to Hold Bitcoin for long term as a reserve asset to fight inflation that's present in fiat system. I guess the Bitcoin reserve is going to be very helpful for Bhutan and there's chance that Bhutan might make Bitcoin a legal tender.

[hyudien]

Wow, I'm surprised that there is a small country whose existence is quite foreign to our ears but has a large amount of bitcoin. It's worth keeping an eye on as their movements don't seem to be exposed much. The government in Bhutan really understands that what they hold is one of the keys to creating better economic growth in the future.
I tried to find information about Bhutan and indeed this country is isolated from the outside world but is dubbed the happiest country in the world. it does not rule out the possibility of a bitcoin payment system being implemented there.

[Ale88]

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?

I totally agree with you. Just a few years ago nobody would have ever thought that a country/government would hold some bitcoins, now we have El Salvador and Bhutan and people complain that "they are too small". I really don't get, can't we just simply appreciate all these positive changes? Everything takes time, whoever thinks things will be quick and easy should go somewhere else.

[o48o]

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 thought that they had just confiscated it like other countries, but they are freaking mining it? That's pretty wild, however i am not that confident that getting governments mining bitcoin is a good idea. These countries policy for mining can change over night with elections, and dumping / market suppression is a real threat.

And i doubt that many countries would go this road, as putting this much weigh on critical infra like electricity and depending on the income of that is risky as hell. Especially with countries like venezuela, that would risk their grid that's already unstable enough. And since electricity isn't cheap, it needs special conditions like mining occasionally with waste energy. That could actually work.

[Huppercase]

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-

I love this, unlike the German government that had $2b worth of Bitcoin some weeks ago and instead of holding and build more mining farms, they decided to dump everything around $53k and now Bitcoin is trading slightly above $63k, I can only imagine now much of $10k they would have made on every single Bitcoin they had that time but unfortunately they sold everything, that profit is now in the hands of the people that bought it from them.

If all countries can replicate the same thing like BHUTAN is doing on Bitcoin adoption, the rest of the world will be aiming to.hst more Bitcoin but it's even okay like this, if Bitcoin was to be everything all the government are after, we will see the mining business diluted and the companies that are mining now will be the ones struggling to mine a single block of transactions because the hash rate might not favour them again since they will be mining with less equipment/mining machine.

[Wexnident]

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.

Pretty sure it's because they're a small country that they're able to do this. There's a lot less risk involved with them compared to bigger countries doing it, not to mention that I'd feel it can be a nightmare if every big country started their own Bitcoin mining farm. And it wouldn't be as surprising if big countries started to join, it'd be pretty normal in the eyes of Bitcoin ethusiasts.

~

It might be partly because their holdings come from mining than buying? I mean it is pretty surprising. And yeah, gotta admit I also didn't know such a country even existed in the first place!

~

To add, their holdings didn't come from being purchased in the market so I highly doubt it had much of an influence. You can compare them to a large mining group imo in terms of influence really. The only difference is that they're from the government of a country.

[hd49728]

Definitely, and it's a global currency that's bound to increase in value in the long run, regardless of what happens to any country’s economy. We've already seen this before, Bitcoin has had its ups and downs, but if you look at the bigger picture, the trend is always upward.

Rather than selling their unused, abundant electricity to other countries and get fiat currency in return, Bhutan do their investment into Bitcoin mining and it is very good investment. With their own clean and sustainable electricity resource, Bhutan will get good profit from Bitcoin mining and bitcoin has increasing purchasing power with time, that is opposite with fiat currencies with decreasing purchasing power with time.

So El Salvador's last purchase was way back on Nov 17, 2022? No wonder their holdings aren't that huge, but they timed their buy really well since the price was below $20K at the time, compared to the current price, which is now over $60K.

No. They continue to buy bitcoin in 2024.
https://bitcointreasuries.net/entities/el-salvador

Balance Sheet History

Jul 04, 2024    5,800    +21
Jun 13, 2024    5,779    +28.24
May 14, 2024    5,751    +49.01
Mar 20, 2024    5,702    +10.01
Mar 17, 2024    5,692    +2.741
Mar 14, 2024    5,689    +3,308

[BALIK]

I thought that they had just confiscated it like other countries, but they are freaking mining it? That's pretty wild, however i am not that confident that getting governments mining bitcoin is a good idea. These countries policy for mining can change over night with elections, and dumping / market suppression is a real threat.

It seems like you only like to look at the negative side of things. Why can't you look at the positive side like everyone else, the fact that governments mine or hold bitcoin shows they also see its potential and importance? Besides, even if we don't like it, what can we do and what good is complaining?

Like Bitcoin ETFs, many people don't like it because it makes Bitcoin centralized but how to prevent all this? How to prevent governments from interfering with bitcoin as it becomes more and more popular? Do you have any solutions? Instead of complaining constantly but still having no way to stop them, we should adapt.

And i doubt that many countries would go this road, as putting this much weigh on critical infra like electricity and depending on the income of that is risky as hell. Especially with countries like venezuela, that would risk their grid that's already unstable enough. And since electricity isn't cheap, it needs special conditions like mining occasionally with waste energy. That could actually work.

Just because you doubt it doesn't mean it won't happen, as iBaba said above: Rome wasn't built overnight. Look at the positive side and expect it to happen instead of doubting and complaining because that doesn't help.

[avikz]

Bhutan, being majorly dependent on tourism, had to find a way to increase their income. Otherwise they would be gulped by the Land-mafia government of China. Their Bitcoin mining operations are providing them with the much needed financial freedom and that's why China is not able to put them under debt trap. It's a great thing! I wish their holding increases to billions of dollars so that they do not have to become dependent on any other country.

I had visited Bhutan during my school days when it was a monarchy and I was amazed to see the disciplines they follow. Bhutan and Nepal, both are located very strategically in the lap of Himalayan range. While Nepal has fallen in front of China, Bhutan is still a bright exception. I hope they remain that way with the help of Bitcoin mining operations they control.

[Kelward]

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.

It's said that great things starts from small beginnings just like when Bitcoin was created it was a few people that gave it attention. Now that small countries are hodling Bitcoin, it's only a matter of time before bigger countries will begin to understand what they're missing out by not adopting it. Considering that Bhutan, is a small country with a small population it makes sense for them to leverage on the potentials of Bitcoin to grow their economy. With their surplus power generation it is a plus for them to take advantage of Bitcoin mining. Generally it is a welcome development for the Bitcoin community to add another country to it's list and I hope that other countries whether big or small will follow their lead.

[Marvell1]

I love this, unlike the German government that had $2b worth of Bitcoin some weeks ago and instead of holding and build more mining farms, they decided to dump everything around $53k and now Bitcoin is trading slightly above $63k, I can only imagine now much of $10k they would have made on every single Bitcoin they had that time but unfortunately they sold everything, that profit is now in the hands of the people that bought it from them.

You need to know that these two countries have huge differences in population, economy...everything, so this comparison is quite lame. Germany has over 83 million people and an annual GDP of over $4 trillion, $2 billion or $3 billion is nothing to them. Also, as far as I know, they confiscated those bitcoins from a pirated movie site and they had to sell them because it's government regulation, they can't keep them even if they wanted to. Furthermore, isn't it a good thing they sell bitcoins? Governments holding too much bitcoin is not a good thing, not only does it make the currency more centralized but it could also cause more panic in the market in the future.

[Publictalk792]

Bhutan has found clever way to stay financially independent by using Bitcoin mining. This helps keep China from controlling their economy. Bhutan relied heavily on tourism, so finding new sources of income was important. Bhutan Bitcoin efforts have paid off allowing them to resist China influence. Unlike neighboring Nepal, Bhutan remains in control.

Bhutan strong cultural values shaped by its royal history guide wise decision making. Bhutan Bitcoin success inspires other small countries to take control of their economies and protect their independence. If Bhutan Bitcoin assets grow it will strengthen its economy and preserve its unique culture.

[GigaBit]

This is how a revolution first begins. Not everyone comes in the beginning, they will come gradually. First came El Salvador, despite being a small country, Bitcoin investment has been encouraged. They found their potential in Bitcoin. Not only that, but they have also realized that Bitcoin will be one of the mediums of exchange in the future. In other words, apart from investment, they have various plans which they are slowly progressing towards implementation. As far as I know they have also included bitcoin education in national education programs for everyone's knowledge of bitcoin relations. Every move they make is going to be successful. But these success stories will not be revealed very quickly, it takes time.



Bhutan is a small country in Asia. The number of citizen there is relatively less but the point is that they too have been able to understand that Bitcoin is the future. Bitcoin must be left behind when considering its future. I applaud the bold step taken by Bhutan Government. Many may be negative about buying Bitcoin but those critics will be silenced as it appreciates over time. As was the case with Nayib Bukele.

[freedomgo]

Definitely, and it's a global currency that's bound to increase in value in the long run, regardless of what happens to any country’s economy. We've already seen this before, Bitcoin has had its ups and downs, but if you look at the bigger picture, the trend is always upward.

Rather than selling their unused, abundant electricity to other countries and get fiat currency in return, Bhutan do their investment into Bitcoin mining and it is very good investment. With their own clean and sustainable electricity resource, Bhutan will get good profit from Bitcoin mining and bitcoin has increasing purchasing power with time, that is opposite with fiat currencies with decreasing purchasing power with time.

Yeah, they did the right thing, and I think their initial investment in terms of devices used was small compared to what they gained through mining. Even if Bitcoin hadn't been successful, I wouldn’t call what they did high risk since they were just using their own resources. The leaders of their country are really smart, and it's great that one of them is a Bitcoin enthusiast.

It’s just sad to think that their Bitcoin holdings are even larger than the economy of our country, which is valued at only $471.5 billion. I wish our government had mined too, but most of our resources are controlled by private investors and the electricy is expensive. 

No. They continue to buy bitcoin in 2024.
https://bitcointreasuries.net/entities/el-salvador

Balance Sheet History

Jul 04, 2024    5,800    +21
Jun 13, 2024    5,779    +28.24
May 14, 2024    5,751    +49.01
Mar 20, 2024    5,702    +10.01
Mar 17, 2024    5,692    +2.741
Mar 14, 2024    5,689    +3,308

Thanks for adding this information, so their biggest purchase was last March 14 this year.. they did great again.

[jaberwock]

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.

Don't know how legit this information is, but it should be something very beneficial for them if the yare doing something like this. I think we would have heard about it beforehand and not after this much time, but I am glad to see that world governments are trying to finally put some money into crypto because they realize that it's a great way to leverage their debt against fiat and this would mean that when their fiat devalues and that happens due to inflation at every year, we are going to see bitcoin help them pay their debt without much issues.

I believe that nearing a billion dollars is a great help and should pay for a lot of things as well. I am still not fully convinced somehow that this is them though, it could be someone else, I am not entirely sure they have something like this because it's a huge news and learning about it after so much time feels like it is not realistic, we should have heard it when it first started and not so much time later than what it is.

[Alone055]

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.

I don't think this has anything to do with the excitement or happiness of individuals, it's just something that is circulating the internet these days and when that happens, people tend to discuss it, that is a normal thing, I believe.

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 don't see any logic in what you are saying here. A country owning and mining Bitcoin will boost adoption within the country, and once the news spreads around the globe, more people will have their confidence boosted when they know that now countries are also involved, it must be something good. The effect might not be that big since it's a small country, but something positive will come out of this.

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

They should unless they lack basic education, have never read a geography book, and haven't seen a world map.