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Bhutan sells $33M in Bitcoin as price dips

Bhutan sells $33M in Bitcoin as price dips

GrafaGrafa2024/11/15 09:00
By:Liezl Gambe

The Royal Government of Bhutan has sold 367 Bitcoin valued at $33.5 million through Binance.

This transaction, identified by Arkham Intelligence, took place when Bitcoin’s (CRYPTO:BTC) price exceeded $90,000 on Thursday morning.

Since then, Bitcoin’s price has fallen by over 3% to $87,000.

This recent sale follows another transaction from Bhutan two weeks ago, where the government liquidated $66 million worth of Bitcoin at $70,000.

In total, Bhutan has sold approximately $100 million in Bitcoin over the last month.

Despite these sales, the country still holds 12,206 Bitcoin, valued at about $1.11 billion.

These assets are managed by Druk Holding & Investments, indicating that the government is capitalising on market highs by selling parts of its holdings during bullish trends.

Bhutan stands as the fifth-largest government Bitcoin holder, trailing behind the United States, China, the United Kingdom, and Ukraine.

Unlike these countries, which often acquire Bitcoin through asset seizures, Bhutan mines its Bitcoin using hydroelectric resources, drawing significant global attention.

Governments around the world are leveraging the current Bitcoin rally to strengthen their economies.

El Salvador, the first nation to adopt Bitcoin as legal tender in 2021, has increased its BTC holdings to over $515 million and raised $1.6 billion to fund its Bitcoin City project.

In the U.S., Republican Senator Cynthia Lummis proposed a bill suggesting the sale of the Federal Reserve’s gold to buy 1 million Bitcoin, aiming to bolster national reserves.

Similarly, Pennsylvania has introduced a bill to allocate 10% of state funds to Bitcoin investments, seeking to use the cryptocurrency as a hedge against inflation and diversify state assets.

At the time of reporting, the Bitcoin price was $87,757.27.

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