As a seasoned crypto investor with over two decades of experience in this dynamic market, I find Bhutan’s recent move to deposit 929 BTC into Binance intriguing and potentially profitable. The timing of this transfer, following a significant surge in Bitcoin’s value, raises eyebrows but also presents an opportunity for those willing to take calculated risks.
The government of Bhutan, referred to as the Royal Government, has taken a notable step by transferring 929 Bitcoins into the cryptocurrency exchange platform, Binance.
The activity was flagged shortly after BTC climbed above $70,000 for the first time since June 10.
Bitcoin Transfer to Binance
According to a recent tweet by Lookonchain, information from Arkham Intelligence shows that a digital asset hoard valued at around $66.16 million was moved via two transactions on October 29, originating from a wallet connected to the Bhutanese government.
As a researcher, I’m observing an intriguing development: Bhutan currently holds approximately 12,456 Bitcoins, equivalent to around $891 million. The purpose behind this transfer is yet to be clarified, but historically, such deposits into crypto exchanges often signify intent to liquidate the assets, particularly given the recent surge in Bitcoin’s value by more than 5% in the past day, reaching over $71,700. In the hours following this move, Bitcoin even exceeded $73,000 for the first time since March, marking a significant milestone.
It’s noteworthy that Bhutan has made its first transaction of sending Bitcoin to a crypto exchange since it deposited 381 BTC to Kraken back in July. Moreover, around ten days ago, the wallet associated with Bhutan transferred approximately 228.8 ETH, valued at roughly $600,000, to a Binance hot wallet. Now, its significant Ethereum holdings have been reduced to about $1.72 million.
Bhutan’s Bitcoin Reserves
Unlike several nations that acquire bitcoin through criminal confiscations, Bhutan has been engaged in cryptocurrency mining since 2017, when it was approximately valued at $5,000, as reported by some sources. This landlocked nation nestled within the Eastern Himalayas has taken advantage of its ample hydroelectric power for environmentally friendly mining operations.
In May 2023, the Bhutanese administration collaborated with the publicly traded mining firm, Bitdeer, for the creation of a completely carbon-neutral Bitcoin mining facility within the nation’s borders.
Due to these endeavors, Bhutan has become one of the top five nations known for their holdings in Bitcoin, following closely behind the United States, China, the UK, and Ukraine, according to information gathered by Bitcoin Treasuries. These digital assets are managed by Bhutan’s state investment entity, Druk Holding & Investments.
As an analyst, I can share that amidst the decline in tourism earnings due to the COVID-19 pandemic, Bhutan opted for a novel approach: Bitcoin mining as a supplementary income source. According to local news outlet ‘The Bhutanese,’ the profits from this digital endeavor were utilized to grant a 50% salary boost to some government officials.
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2024-10-30 21:28