PakGazette: Analytics account @lookonchain has detected that one of the countries in the developing world that has recently adopted several other cryptocurrencies to build a strategic crypto reserve has moved a large reserve of BTC.
The cryptocurrency community greeted this tweet with a wave of excitement mixed with bewilderment, guessing at the nature of this transaction.
Bhutan moves 65 million dollars in Bitcoin
Bhutan, a country with less than a million inhabitants, is located in South Asia, in the eastern Himalayas, bordering China and India.
According to the data source mentioned above, the Royal Government of Bhutan has shoveled 633 Bitcoins valued at $64.57 million. The transaction was split when those Bitcoins were sent to three new blockchain wallets.
As of now, the government of Bhutan is a proud holder of $1.3 billion worth of Bitcoin i.e. 11,055 BTC.
Bhutan’s Bitcoin holdings are backed by its mining operations. In September last year, the country managed to generate between 55 BTC and 75 BTC weekly.
Bhutan adopts BTC, ETH and BNB as reserve assets
As previously reported by PakGazette, Gelephu Mindfulness City (GMC) in the New Special Administration Region of Bhutan has announced that it is creating strategic cryptocurrency reserves and is adding three large-cap cryptocurrencies to it: Bitcoin (BTC), (ETH) and (BNB).
Authorities believe that maintaining cryptocurrency reserves will help the region improve its economic resilience and increase its participation in Bitcoin mining.
Co-founder and former CEO of Binance exchange Changpeng Zhao (CZ) wrote an .
The newly elected US president also promised to create a Strategic Bitcoin Reserve for the United States by purchasing Bitcoin over the next four years. He will take office next week and many are watching whether the BTC reserve will actually be created.
Currently, the US government (the Department of Justice in particular) owns a whopping 69,370 Bitcoins worth $7,097,961,000 at the time of writing. These Bitcoins confiscated from a Silk Road hacker can be sold after the court recently granted permission to the Department of Justice. Bitcoiners wonder if Trump will be able to avoid this, although the liquidation could occur before he is in power.
