Bhutan Bitcoin
The world’s fourth-largest holder of Bitcoin reserves, has made a bold statement in the cryptocurrency market. This Himalayan kingdom, renowned for its commitment to sustainability and happiness, has embraced Bitcoin as a strategic asset.
Bhutan’s Secret #Crypto Treasure: Over 13k Bitcoins, 26% of GDP!
Tiny #Bhutan makes a massive move in the crypto world with a #Bitcoin reserve worth $ 780 million, staking a claim to the fourth-largest government-holding #BTC.#CoinPedia #cryptocurrency #CryptoCommunity pic.twitter.com/LCxyHX4nO5
— Coinpedia (@CoinpediaNews) September 18, 2024
Bhutan Fourth-Largest Government Bitcoin Holdings: The popularity of cryptocurrencies has grown exponentially over the past few years. Governments of some countries have also invested in Bitcoin, the most valuable cryptocurrency in this market. India’s neighboring country Bhutan is also included in this. The Government of Bhutan holds over 13,000 Bitcoins. The value of these bitcoins is more than 750 million dollars.
According to data from CoinGecko, crypto wallets linked to Bhutan also hold more than 650 Ethereum worth about $1.5 million.
World’s Largest Bitcoin Reserve Country
The US is the country with the largest Bitcoin reserves. There are more than 2,13,240 Bitcoins in the USA.
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It is followed by China with 1,90,000 Bitcoins. Britain (about 61,000 bitcoins) is third on the list. Bhutan ranks fourth among countries with Bitcoin reserves.
India’s Stance
In recent years, the number of people trading in cryptocurrencies has increased in India as well. Despite high taxes, interest in cryptocurrencies is growing in the country. This is the second year in a row that India has seen an increase in investment in cryptocurrencies. Over the past few months, regulators have also cracked down on some companies in the segment.
Blockchain analytics firm Chainalysis said in a report that between June last year and July this year, usage of centralized exchanges and decentralized finance assets increased in the country. The central government has taken a tough stance against the crypto segment.
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Late last year, the Financial Intelligence Unit (FIU) had issued show cause notices to nine offshore crypto exchanges for non-compliance. Despite this, cryptocurrencies are on the rise in India.
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