Bhutan’s government is making some savvy moves with its Bitcoin holdings. They’re not just holding onto it; they’re strategically selling off portions to maximize profits.
Recent Bitcoin Sales
On December 10th, Bhutan transferred around $49.4 million worth of Bitcoin (502 BTC) to Binance and QCP Capital. This was part of a planned sell-off, according to blockchain tracker Arkham Intelligence. The majority ($39.56 million, or 402 BTC) went to QCP Capital, while Binance received the remaining $9.81 million (100 BTC).
This wasn’t a one-off event. Since October, Bhutan has sold a total of 1,696 BTC, raking in about $139 million. That’s an average sale price of around $82,000 per Bitcoin. One particularly successful sale in November saw them sell 367 BTC for approximately $33.5 million, timed perfectly with Bitcoin hitting a high of over $90,000.
Bhutan’s Bitcoin Holdings
Despite these sales, Bhutan still holds a massive amount of Bitcoin – over $1.15 billion worth (11,688 BTC). This puts them among the top five countries globally in terms of crypto ownership, alongside heavyweights like the US, China, UK, and Ukraine.
Riding the Bull Market
Bhutan’s strategy is similar to that of El Salvador, which has also used its Bitcoin holdings for infrastructure projects and debt reduction. Bhutan’s approach is less publicized, but equally focused on integrating crypto into its broader economic plans.
Market Timing and Future Outlook
Bhutan’s recent sales coincided with a slight dip in the Bitcoin price (below $100,000), which analysts see as a normal correction after a significant price increase. Their actions highlight how governments can strategically leverage market fluctuations to their advantage.
By carefully timing their sales to periods of high demand and peak prices, Bhutan demonstrates how nations can incorporate digital assets into their economic strategies. This approach not only generates significant revenue but also underscores the growing importance of crypto in global finance. Bhutan’s success could serve as a model for other governments navigating the volatile yet potentially lucrative world of cryptocurrency.
