Bhutan Offloads Over $30 Million in Bitcoin onto Binance

The Royal Government of Bhutan has taken a strategic step by transferring part of its Bitcoin holdings to Binance, signaling an intention to capitalize on the recent surge in Bitcoin’s value.

As of today, data from Arkham Intelligence shows that Bhutan moved over 367 BTC, worth approximately $33 million, to the exchange. This decision aligns with the government’s previous actions, including the sale of $66 million in Bitcoin two weeks ago, just as Bitcoin’s price surpassed $70,000.

While this move appears to be a profit-taking decision, Bhutan still retains a substantial Bitcoin portfolio, holding 12,206 BTC, valued at over $1 billion. The government may continue to offload portions of this stash as Bitcoin’s bull run progresses, especially with predictions suggesting the cryptocurrency could reach $100,000 by the year’s end.

In a broader context, Bhutan’s proactive approach to managing its Bitcoin reserves mirrors potential future strategies from the U.S. government. While the U.S. currently holds the largest amount of Bitcoin among governments—primarily from asset seizures—former President Donald Trump has expressed interest in establishing a Strategic Bitcoin Reserve.

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Additionally, pro-crypto Senator Cynthia Lummis has proposed legislation that would allow the U.S. to acquire 1 million BTC annually over the next five years, further aligning the two nations’ Bitcoin strategies.

Alexander Stefanov