According to Recent Data, the Government of Bhutan Has Transferred Around US$63M (AU$100.2M) Worth of Bitcoin

According to recent data, the government of Bhutan has transferred around US$63M (AU$100.2M) worth of Bitcoin

The government of Bhutan has transferred around US$63M (AU$100.2M) worth of Bitcoin to three newly created wallets on March 24, 24 according to recent data.

The exact reason for the transfer of funds is unclear. It could be a routine transaction representing a minor change in how funds are being stored or managed. Alternatively, it could indicate a change of strategy regarding the custody or management of Bhutan’s Bitcoin.

In the past hour, the Royal Government of Bhutan transferred 721.46 $BTC (around $63.24M) to 3 new wallets.

Addresses:– bc1qhrxgjgke5uk4yzlxfqkcrd9ala4r9ugqf6u8qfxxnvhuadjalqzshxda7e– 3EQGh6W3sfKCpqoFjYRRZbBb5NstY7wDAC– 38FBo1uzi9mbiSricAzcDQ8vM758xd3kne

Bhutan has been mining Bitcoin since April 2019 with Druk Holding & Investments acting as its sovereign investment arm. While Bhutan largely holds Bitcoin, the country also holds a small proportion of altcoins including Ethereum and LinqAI.

The Kingdom of Bhutan has been a large proponent of Bitcoin for several years and boasts one of the largest holdings of Bitcoin in the world in comparison to other countries.

Some countries have been utilising Bitcoin in a multitude of ways such as El Salvador who has made Bitcoin legal tender. However, Bhutan has focused more of its efforts on accumulating Bitcoin for the more strategic purpose of being a reserve asset. As of right now, it is one of the top five largest holders of Bitcoin among governments worldwide.