Bhutan’s Secret Bitcoin Stash
Bhutan, a small nation nestled in the Himalayas, has become an unlikely cryptocurrency hub. While known for its breathtaking landscapes and Buddhist monasteries, Bhutan has quietly amassed a significant bitcoin fortune.
A Bitcoin Mining Powerhouse
Arkham Intelligence revealed that Druk Holdings, a Bhutanese state-owned conglomerate, owns 13,011 bitcoins, more than double El Salvador’s holdings. This stash, valued at approximately $780 million, comes from bitcoin mining operations fueled by Bhutan’s abundant hydroelectric power.
- The mining facilities, including the largest located in the abandoned Education City, operate 24/7, utilizing cheap and clean energy.
- Bhutan now ranks fourth globally in bitcoin holdings, trailing only the US, China, and the UK.
Beyond Bitcoin
Bhutan’s crypto holdings extend beyond bitcoin. They also possess a substantial amount of Ethereum, BNB (Binance token), and Polygon blockchain platform tokens. This diversification reflects a strategic approach to the crypto market.
The Rise of Crypto in Bhutan
Bhutan’s foray into crypto began in early 2023 with a significant increase in mining activities. The country’s hydroelectric advantage, combined with the end of the crypto winter, has provided a favorable environment for mining. This has led to discussions about potentially selling a portion of the bitcoin stockpile to finance wage increases.
Public Perception
While some countries have seen opposition to government investments in cryptocurrency, public sentiment in Bhutan appears more positive. A survey of business students showed overwhelming support for cryptocurrencies, highlighting a potential for widespread acceptance.
A Shifting Focus
Bhutan’s embrace of cryptocurrency, alongside other technological advancements, represents a shift from its traditional focus on spiritual well-being. While “Gross National Happiness” remains a core principle, the country is also recognizing the potential of economic growth through technology and innovation.
