- Bhutan transfers 633 BTC, sparking concerns over potential market implications.
- Bhutan adopts Bitcoin mining into its economy, increasing public salaries.
On 17 January 2025, the Royal Government of Bhutan carried out two major transactions in Bitcoin, which stood at 633 BTC. There has been much discussion in the crypto sphere about the transaction for 255.26 BTC and the other one for 377.74 BTC, mainly with the current Bitcoin breaking above $104,000.
The blockchain analytics firm Arkham Intelligence reported the moves but did not confirm the final destination of the coins. According to reports, one of the addresses appears to be connected to Binance, the world’s largest cryptocurrency trading platform. Bhutan has done this before. It would be normal to wonder if this is part of a bigger scheme or if this is the lead-up to selling.
This transfer is quite significant since Bhutan has the largest Bitcoin reserves in any country with more than 11,000 BTC. The market disruption potential is huge, but analysts have been closely following Bhutan’s decisions on Bitcoin. They are particularly focused on the wider impact that such large transfers could have on the general cryptocurrency market.
Bhutan’s Bitcoin Movements Cause Speculation
Besides holding Bitcoin, Bhutan has integrated cryptocurrency into its economy through mining operations. The country uses its hydropower resources to mine Bitcoin, which has been in operation for several years. In 2023, Bitcoin mining profits boosted public servants’ salaries by 50%. This demonstrates how cryptocurrency activities are embedded in the country’s economic framework.
The government is not making such a strategy for the first time regarding Bitcoin. Bhutan had already transferred 929 BTC in the last quarter of 2024 amounting to about $66 million to Binance. After just a few months, another 502 BTC transferred to Binance and QCP Capital, which is a Singapore-based company, totaling about $49.42 million. These massive moves show that Bhutan is pretty active in participating in the global cryptocurrency ecosystem, and their Bitcoin mining revenues play an important role in the national economy.
Meanwhile, Bitcoin’s price surged 3% to $102,303 as optimism began to build within the market. Its intraday low stood at $97,364 while reaching an intraday high of $102,502. At the time of writing, the BTC is trading at $102,599 increasing to 0.94% in the last 24 hours. The price increase is attributed to growing optimism following the selection of President-elect Donald Trump, who is soon to assume office and has infused significant optimism into the market.
With Bhutan making further bold strides in the crypto space, Bitcoin strategy is strictly under review. The country has already taken on a new stance in the newly developed digital asset landscape. Taking into consideration Bhutan’s bitcoin mining capability and large reserves, the country now confirms the seriousness of the intent to include cryptocurrencies in the country’s financial and economic systems with the latest transaction.
