Tiny Bhutan Is Home to $780 Million in Bitcoin

About a third of Bhutan’s GDP is tied up in bitcoin, all of which are operated by that government’s Druk Holdings. The company has more than $780 in the leading cryptocurrency.

The majority of those digital assets come from the country’s mining operations, and there are plans to expand the mining endeavors even further according to Bitdeer, which is the mining management company that is helping Druk Holdings with its work in the area.

Druk Holdings has been working to grow its revenue options, making them more diverse. Savvy market insiders have spotted significant withdrawals and deposits being made on Kraken by Druk Holdings, demonstrating the exceptional busyness of the company.

How Bhutan Compares to Other Countries

The small Himalayan nation actually holds one of the largest state-owned bitcoin stashes in the world, ranking at just number four. That is according to the analytic tool Arkham.

Bhutan keeps Bitcoin in a state-owned fund, and it is one of only two countries to do so (the second of which is El Salvador). The United States could join them, if Donald Trump is elected president and has his way when it comes to decentralized finance policy.

Bhutan has a number of Bitcoin mining facilities, and that forward-thinking approach to mining has helped it become a very successful leader in this area, where other countries like Russia and China are pushing miners out. In many parts of Asia, within the same region as Bhutan, crypto mining is illegal, and miners have in recent years fled to other countries to continue their work.  

What makes Bhutan stand out in regards to its Bitcoin holdings is that these have never come from seizures of illegal activities where Bitcoin is simply the currency of choice for the criminal. Instead, all of the Bitcoin is sourced from the government’s own mining operations.