Key Takeaways
- Bhutan has moved $66 million in Bitcoin to Binance.
- The country holds an additional $886 million in Bitcoin.
- Bhutan's Bitcoin mining revenue has funded a 50% pay raise for public servants.
Bhutan’s government has started moving a significant portion of its Bitcoin holdings as the price surged past $70,000.
On Oct. 29, Bhutan transferred over $66 million worth of Bitcoin to Binance, according to data from Arkham Intelligence.
The move suggests the country may be preparing to sell some of its holdings on the exchange.
Bitcoin’s price
This transaction follows Bitcoin’s climb above the $70,000 mark for the first time since June, a price level often associated with volatility as large holders, or whales, seek to take profits.
Bhutan’s government still holds around $886 million worth of Bitcoin, which could introduce further selling pressure if it decides to offload more of its stash.
Bhutan’s Bitcoin reserves play a significant role in its economy, accounting for more than 26% of the nation’s $2.9 billion GDP in 2023.
Revenue from Bitcoin mining even funded a 50% salary increase for public servants earlier this year, highlighting the country’s reliance on Bitcoin as an economic driver.
As of September, Bhutan’s Bitcoin holdings are double that of El Salvador, which made Bitcoin legal tender in 2021.
