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Cryptocurrency News Articles

Bhutan Surpasses El Salvador, Becomes World's Third-Largest Bitcoin Holder

Sep 18, 2024 at 04:42 pm

Bhutan surpassed El Salvador in Bitcoin (BTC) holdings based on Arkham Intelligence's data. It even replaced Germany as the world's third-largest BTC holder

Bhutan Surpasses El Salvador, Becomes World's Third-Largest Bitcoin Holder

Bhutan has officially overtaken El Salvador in terms of Bitcoin (BTC) holdings, emerging as the third-largest government BTC holder globally, according to data from Arkham Intelligence. This development comes as Bhutan's crypto endeavors, including Bitcoin mining operations, continue to unfold.

Last year, TheBhutanese, a local news outlet, reported on the Royal Government of Bhutan’s低调 crypto holdings, which include a largely solar-, wind-, and hydroelectric-powered Bitcoin mining operation.

The Buddhist kingdom east of the Himalayas began its Bitcoin mining venture as early as April 2019, when BTC averaged around $5,000, according to Cointelegraph, citing statements from unnamed Bhutanese officials.

The country’s investment arm, Druk Holdings and Investments (DHI), spearheaded the project with funds from BlockFi and Celsius, two now-bankrupt crypto lenders. According to DHI CEO Ujjwal Deep Dahal, the Bitcoin mining operations eventually paid off their debts to the lenders, ensuring the project's self-sustainability. In 2023, DHI joined forces with Bitdeer, a cloud mining platform, to bolster its Bitcoin mining program.

As of 8:00 AM UTC on Wednesday, the wallet address linked to the Bhutan government, according to Arkham Intelligence, now holds 13.044K BTC. At around $60,400 per BTC, this amounts to a total of $788 million.

Interestingly, several outflows from the Bhutan government's crypto wallet were also observed by the on-chain monitoring platform. The last outflow was a 41.893 BTC transaction to an anonymous wallet address, valued at $2.31 million.

Bhutan's digital assets in other altcoins and stablecoin, in addition to Bitcoin, include ETH, SAND, MATIC, BNB, BIM, INS, and USDT. These holdings collectively add over $2 million to the country's DeFi wallet.

Bhutan now ranks third on Arkham's list of top Bitcoin holders among governments. It's worth noting that this ranking does not include other suspected whale holders of BTC, such as China, Ukraine, Iran, Qatar, and Venezuela. China is speculated to have over 190,000 BTC in its digital vault as of June, which is roughly $11.476 billion at today's rates.

El Salvador, with its 5.877K BTC holdings, now trails Bhutan in the rankings. These holdings are currently valued at $354.97 million. The Central American nation began acquiring the crypto asset in 2021.

Unlike the Southeast Asian nation, there are no signs of outflows from El Salvador's crypto wallet address. The country has remained faithful to its “1 Bitcoin a day” initiative and has assured the public that they will continue buying until “Bitcoin becomes unaffordable with fiat currencies.”

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Other articles published on Feb 08, 2025