2024-11-14 18:36 |
In a significant development highlighting the growing mainstream acceptance of cryptocurrencies, Bhutan has emerged as a major player in the Bitcoin ecosystem, with its holdings surpassing the $1 billion mark.
This milestone comes as former Binance CEO Changpeng Zhao predicts more nations will adopt Bitcoin as legal tender.
As ZyCrypto reported, The Royal Government of Bhutan’s strategic approach to Bitcoin mining, leveraging its abundant hydroelectric resources from Himalayan rivers, has positioned the nation as the fourth-largest government holder of Bitcoin globally. According to a Monday tweet by crypto analytics firm Arkham Intelligence, Bhutan has accumulated 13,011 BTC, worth an estimated $1.033 billion through its state-owned Druk Holdings, representing a remarkable achievement for the small Himalayan kingdom.
“Many nations will use bitcoin as reserves, and other cryptocurrencies too,” tweeted Changpeng Zhao on Tuesday, pointing to a growing trend of sovereign Bitcoin adoption. His comments come at a time when Bitcoin’s price has reached unprecedented heights, touching $ 89,915 on Tuesday.
That said, Bhutan’s success story is particularly noteworthy as it represents a unique model of state-level cryptocurrency adoption. Unlike other governments that typically acquire Bitcoin through purchases or asset seizures, Bhutan has built its holdings primarily through mining operations. The country has established several mining facilities, with its largest operation at the former Education City project site.
Notably, the nation’s cryptocurrency mining ventures now contribute significantly to its economy, accounting for over 25% of its GDP. This demonstrates how smaller nations can leverage crypto assets to strengthen their economic position in the global financial system.
Bhutan’s approach differs from El Salvador, the first country to adopt Bitcoin as legal tender. While El Salvador maintains a strict hold on its Bitcoin reserves, Bhutan has shown more flexibility in managing its holdings, including a recent $65 million transfer to Binance.
Moreover, Bhutan’s success in its Bitcoin strategy, combined with favorable market conditions such as the SEC’s approval of Bitcoin ETFs, has created a compelling case for other nations considering similar moves.
Experts suggest that potential regulatory changes in the United States, particularly following Trump’s win and campaign promises regarding cryptocurrency regulation, could further accelerate this trend.
“We got a pro Bitcoin president that’s going into the White House. He explicitly stated that he’s going to protect Bitcoin…anytime that you have a president go into the White House what they measure what moves and this President cares about Bitcoin.” Popular crypto voice Anthony Pompliano stated in a Monday interview with Fox Business. “Trump like Bitcoin he holds Bitcoin he also wants the United States to hold Bitcoin and so he’s going to put together this strategic reserve of Bitcoin.”
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