Royal Government of Bhutan Transfers $66M in Bitcoin—A Strategic Play?

Bhutan’s government recently transferred $66.55 million in Bitcoin from its crypto wallets to Binance, marking a notable step in its evolving crypto strategy.

Arkham Intelligence, which reported the transaction, noted that Bhutan’s bitcoin mining operations, managed by Druk Holdings and Investments, have produced less BTC recently due to factors like the recent Bitcoin halving.

This shift likely impacts Bhutan’s approach, as it adapts to maximize value from its assets amid changing market conditions. The transfer suggests Bhutan may be exploring broader fiscal or operational uses for its mined BTC, though the full purpose remains speculative.

Clever Robot News Desk 31^th October 2024