Bhutan Reduces Bitcoin Reserves but Remains a Top Holder
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Bhutan, a small Himalayan country, is among the top five nations holding the most bitcoin. In April, the nation reduced its bitcoin holdings from 10,070 BTC to 7,486 BTC, a drop of 2,584 BTC. These bitcoins are currently worth about $720 million. All the sold bitcoins were sent to unknown digital addresses. Bhutan is unique because it only gets its bitcoin through mining, not by buying on the market.
While the government hasn’t made an official statement, Prime Minister Tshering Tobgay said the money from selling some bitcoin has been used to improve the country’s health services and to help pay government workers.
Bhutan’s Approach to Bitcoin and Its Uses
Bhutan has taken a very different path compared to other countries by mining all its bitcoin. It earns its cryptocurrency by running powerful computers that solve complex math problems. The money earned from selling a part of these mined coins is not wasted.
Source: Bitcoin.com
According to the prime minister, the funds have gone into improving hospitals and supporting salary increases for government employees. To this end, this shows Bhutan is using its digital wealth to directly benefit its people and services. However, the government and its main investment company, Druk Holding and Investments (DHI), have not said anything publicly about the recent sale.
Even with the reduction, Bhutan remains one of the top bitcoin-holding nations. Only the United States, the United Kingdom, and North Korea hold more bitcoin.
Global Ranking of Bitcoin-Holding Nations
The United States is the number one government bitcoin holder with 198,012 BTC. It is followed by the United Kingdom with 61,245 BTC. North Korea, through a group linked to cybercrimes called the Lazarus Group, holds 8,358 BTC. Bhutan comes next with 7,486 BTC, keeping its spot as the fourth-largest national holder even after the recent sell-off.
El Salvador is in fifth place with 6,166 BTC. Unlike Bhutan, El Salvador buys one bitcoin daily to grow its reserve slowly. Interestingly, the UK is the only country in the top five that doesn’t treat its bitcoin as a long-term national plan.
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